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370 Lexington drawing tech, media tenants.

Sherwood Equities announced a trio of technology leases signed at 370 Lexington Avenue, a property with growing appeal to the tech and media sectors.

Virtusa Corporation, a global IT services company; Travel Tripper, a web technology provider for the hospitality industry; and GFS Technology Software Soltuions, LLC, a systems integrator, are the latest firms to sign leases.

Sherwood Equities has signed deals with 15 tenants in the tech and media sectors in the past two years, with the pace intensifying in recent months.

"There is a northward migration underway from Midtown South, as growing young firms realize that Midtown, with its quality amenities and location advantages, can be price competitive," said Sherwood agent Adam Weissleder, who negotiated the new leases, together with colleague Jill Burrowes.

"370 Lexington caters to smaller space users and has created the feel of a tech community, and is benefiting from this trend."

Burrowes added that rents in Midtown South have reached record levels, prompting tenants to question whether they need to remain in their traditional location.

"Old and new tech companies are discovering that 370 Lexington is an ideal fit for them, with build-outs that offer the look and feel of loft space, but at a discount to Midtown South rents."

Virtusa Corporation has taken 3,500 s/f on the 16th floor at 370 Lexington Avenue, under terms of a five-year lease. Virtusa, a public company, is headquartered in Westborough, Mass.

Robert Montaquiza and Lindsay Orenstein of Transwestern represented the tenant in lease negotiations.

Travel Tripper, which will be relocating from Park Avenue South and East 25th Street, has signed for 2,800 s/f on the 16th floor, for a term of five years.

Travel Tripper was represented by Marc O. Ellman of Ellman Realty Advisors.

G4S Technology Software Solutions has leased 1,700 s/f on the third floor and will take occupancy of the space immediately. The term is for three years.

Robert Gallucci of Cushman & Wakefield represented the tenant in lease negotiations.

Other technology firms now located at 370 Lexington Avenue include the former Rivermine Software company, which is now a unit of IBM; Smart Data, a provider of e-discovery tools for law firms; Burbank, California-based Tylie Jones, a leader in high-tech advertising strategies in the broadcast industry; and Yardi Systems, which develops software platforms for property and asset management.

"Our objective has been to make 370 Lexington a prime address for smaller space users, an underserved niche in the city, offering Class-A space, good value and quality boutique services in the Grand Central area," said. Weissleder. "The growing abundance of leases with a broad divergence of innovative companies indicates we have succeeded."

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Publication:Real Estate Weekly
Date:Mar 19, 2014
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