East End Capital
In shifting three blocks north, Geneva Worldwide becomes first tenany to sign on since 256W.38th St. was bought for $30 million last summer.
Geneva Worldwide inked a 10-year lease for the entire 10th floor of 256 West 38th St. The translation company is thefirst tenant to sign a deal at the building, located between Seventh and Eighth avenues, since the summer, when East End Capital bought the 14-story property for $30 million and kicked off a $2.5 million renovation.
Asking rent for the transaction, which is about 7,500 square feet, was $35 a square foot.
The deal means the building is now 60% occupied. Jonathon Yormak, a founder of real estate investment firm EastEnd, says he hopes the renovation, which includes new elevators and hallways, as well as a refinished lobby, will help draw tenants and push up rents.
“We think we are distinguishing our space from others in the area,” he said, noting also that his firm is building out the space for Geneva and is willing to do the same for other credit-worthy tenants.
Geneva, which is currently at 261 W. 35th St, was represented by Cushman & Wakefield Inc. brokers Jamie Katcher and Jon Mayeske. East End was represented by Newmark Knight Frank broker Michael Frantz.
