Rudin Inks Leases in Midtown Manhattan

355 Lexington Ave. Image courtesy of Rudin

Rudin Management Co. has signed two new leases spanning 22,843 square feet at its 355 Lexington Ave. boutique office building in Midtown Manhattan’s Grand Central District.

ADCO Electrical Corp. completed a 10-year lease extension and expansion for the entire 13th floor, totaling 14,446 square feet. The tenant is relocating from their current space on the 17th floor, which spans 8,500 square feet.

B6 Real Estate Advisors secured a five-year, 8,397-square-foot lease for a pre-built suite on the third floor. The tenant has already relocated its main headquarters to 355 Lexington.

Savills Senior Managing Director Bill Montana brokered the agreement on behalf of B6, while Rudin Senior Vice President Robert Steinman handled the lease in-house on behalf of the landlord.

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The new tenants are joining the existing tenant roster at the property, comprising Simon Meyrowitz & Meyrowitz, Myasthenia Gravis Foundation of America, Wealth Advisory Group and Focus Suites, according to CommercialEdge.

Situated near Grand Central Terminal, the 22-story office tower encompasses 270,000 square feet and was designed by Emery Roth & Sons. Originally completed in 1959, the property has undergone various upgrades and improvements throughout the years and is Energy Star and WiredScore Gold certified. According to the owner’s website, floor plates ranging between 5,000 and 18,000 square feet are available for lease.

Manhattan vacancy rate increases

Manhattan continues to grapple with redefining itself in the aftermath of the COVID-19 pandemic. As of April, the office vacancy rate in Manhattan stood at 16.5 percent, up 210 basis points year-over-year and close to the national average of 16.7 percent that month, according to CommercialEdge.

Back in February, Rudin secured a long-term lease with nonprofit mental health provider Vibrant Emotional Health to occupy a 59,550-square-foot space at 80 Pine St. within the Financial District of Manhattan.