LeFrak’s 40 West 57th St. has been a outstanding workplace location since 1972, principally resistant to market blips and burps. With the completion of 82,000 sq. ft of latest and renewal leases, its observe file stays intact. The 750,000 square-foot tower is almost 100% full.
Essentially the most notable deal is a 25,000 square-foot lease on the entire twenty first ground for Italian luxurious cashmere model Loro Piana, which is transferring from 711 Fifth Ave.
CBRE’s Howard Fiddle, chief of LeFrak’s leasing group, famous, “Fashion is a big growth industry and we expect we’ll get more of it. The building’s current tenants roster is mostly finance.”
CBRE’s Paul Amrich, Neil King and Evan Fiddle repped Loro Piana.
The opposite offers are an extension and growth for Lee Fairness Companions (25,000 sf); a brand new lease for MHR Fund Administration (14,231 sf); an extension for Two Creeks Capital Administration (13,487 sf); and a brand new lease for Andalusian Sports activities Advisors (4,250 sf).
The tower has one massive move-out developing. Paul Singer’s Elliott Administration, which leases a number of non-contiguous areas, will go away in July 2026 for 150,000 sf at 280 Park Ave.
“They just outgrew the building,” Fiddle defined.
With the looming availability in thoughts, LeFrak has begun an improve program that features a new foyer designed by KPF; new elevators; a second-floor tenants’ facilities heart boasting a restaurant and a landscaped outside terrace overlooking 57th Road. The meals program might be run by Nobu, the tower’s retail tenant.
Asking rents on larger flooring might be $140 per sq. foot.
“A year ago, we were only asking for $110,” Fiddle stated.
