Bronx Office Building Lands New Tenant

299 Third Ave. Image courtesy of OPEN Impact Real Estate

Chestnut Holdings has secured a new tenant at its 299 Third Ave. building in the Bronx. The Door, a company providing youth development services, signed a 10-year lease for three floors of the four-story building, currently undergoing renovations, totaling 18,000 square feet. OPEN Impact Real Estate represented the new tenant. The Bronx hub is expected to open this summer.

The owner recently demolished the second, third and fourth floors of office space and is in the process of renovating the space to meet The Door’s needs. Upon completion, the building will feature exposed brick, eight classrooms, meeting rooms and seating for roughly 65 staffers, as well as 10 private offices. The new tenant will also have a dedicated entrance and elevator. The lease also includes the right to build a roof deck of roughly 5,000 square feet and three adjacent parking spots.

READ ALSO: Tishman Secures 75 KSF Tenant at Manhattan High-Rise

Originally built in 1931, 299 Third Ave. last traded in 2015, when the current owner purchased it for $4.9 million, according to CommercialEdge data. The building also has ground-floor retail which will remain in place once The Door will have its building within a building.

Located in an Opportunity Zone, the property offers easy access to public transportation including the 2 and 5 trains, as well as several bus lines. The office building is also less than a mile north of St. Mary’s Park and surrounded by several retail, dining and entertainment options.