LeFrak has secured two new office leases totaling 104,750 square feet at its tower at 40 W. 57th St., with CBRE guiding the transactions. Alternative investment management firm 26 North signed an 84,000-square-foot lease with a 13-year term, while Mack Real Estate Group committed to 20,750 square feet of office space in the building.
26 North will relocate its operations from 600 Madison to four full floors at 40 W. 57th St., consolidating its workplace in the LeFrak-owned tower. Mack Real Estate Group, also relocating its offices, is moving from 60 Columbus Circle and will occupy part of the building’s 17th floor. The 17th-floor space had been previously built out for A&E Real Estate, which is taking another space in the same property.
The leasing effort was led in part by an in-house LeFrak team of Adam Silfen, Meredith Jackness and Stephanie Allan. They worked alongside a CBRE agency team consisting of Howard Fiddle, Evan Fiddle, Ben Joseph, Arkady Smolyansky and Sam Seiler, which handled leasing for the tower at 40 W. 57th St.
On the tenant representation side, Newmark’s Jared Horowitz and Howard Hersch represented 26 North in its 84,000-square-foot, 13-year commitment. For Mack Real Estate Group, Lance Korman of Savills, together with Brian Waterman and David Waterman of Newmark, acted as tenant advisors for the 20,750-square-foot lease on the 17th floor.
Commenting on the new leases, CBRE’s Howard Fiddle said that the combination of LeFrak’s stable ownership, the tower’s strategic location within one of the city’s most desirable business districts and ongoing capital improvements continues to draw premier tenants. According to Fiddle, those factors are helping 40 W. 57th St. appeal to companies seeking a best-in-class office environment.
The latest commitments by 26 North and Mack Real Estate Group expand the roster of financial and real estate firms choosing to relocate operations into the LeFrak-owned tower. Their decisions underscore continued demand from institutional-grade tenants for modern, well-located office space supported by an active ownership and a coordinated brokerage team.
