Photo retailer inks deal for 93,000 s/f expansion.

In a major West Side transaction, B&H Photo Electronics Corp., a retailer of imaging products, has leased four full floors comprising approximately 93,000 s/f of office space at 440 Ninth Ave. in Manhattan for its new and expanded corporate headquarters.

The lease brings 440 Ninth Ave.'s occupancy level to 100%. Over the past year, SL Green Realty Corp. has negotiated five leases at the building, totaling more than 170,000 s/f.

According to Steven Durels, SL Green's senior vice president and director of leasing, this lease required the simultaneous relocation of an existing tenant occupying 43,000 s/f. Its relocation will permit the company to expand its retail space onto the second floor, where it currently has offices. B&H Photo is expected to retain its office space at its current location.

"We're delighted that B&H Photo has chosen one of our buildings for its headquarters," said Durels, who represented SL Green in the transaction, along with a Cushman & Wakefield leasing team. "In addition, this transaction underscores our ability to structure complex transactions and flexibility to meet the specific goals of our tenants. B&H Photo will benefit from newly refurbished, fully customized office space."

"SL Green is committed to continually reinvesting in and upgrading our properties, making them very attractive to new and existing tenants in New York's competitive marketplace," added Gerry Nocera, SL Green's chief operating officer. "440 Ninth Ave. recently completed a significant capital program, which included a lobby renovation, new elevators, new bathrooms and facade restoration."

Alex Chudnoff, a Cushman & Wakefield director, jointly represented the ownership in the transaction, along with Cushman & Wakefield's Mitch Arkin, Steven Bauer and Mitti Liebersohn.