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Newmark RE Services leases 120,000sf at 500 Fifth Avenue.

Newmark Real Estate Services, the exclusive leasing agent for 500 Fifth Avenue, has concluded transactions for 120,000 square feet of new and renewal leases at the 59-story, 600,000-square-foot office building at 42nd Street in Manhattan.

The announcement was made by William G. Cohen, executive vice president of Newmark Real Estate Services, who said the Newmark had completed 30 new leases totaling approximately 73,000 square feet and 15 renewal leases comprising 45,000 square feet of space. The aggregate rental for both new renewal leases is valued at $32 million.

Cohen said new tenants at 500 Fifth Avenue include two Japanese language schools Geos, Inc. and Bi-Lingual USA Corporation; People's Foreign Exchange; the public relations agency Edward Aycoth Worldwide, which relocated its headquarters from Washington, DC; a Chicago-based market research company, Walker Customer Satisfaction Measurement; RG Financial, Ltd; Saeta Airlines of Ecquador; and Mileace General Trading. The tobacconist Nat Sherman and Swatch Watch also now occupy retail space in the building.

Renewal tenants include the law firms of Parcher & Hayes, Berman, Paley, Goldstein & Kannry (which doubled the size of its space), and Peyser & Alexander; Lawrence Insurance Group, which expanded by 35 percent; food brokers Daymon Associates, which expanded the size of its offices by 25 percent; the office of State Senate Majority Leader Ralph Marino; the paper licensing and research firm of Clupak, Inc.; Delgado Travel; Elias Sports Bureau; the First Church of Christian Scientists, which more than doubled the size of its space; and Advent Software, which structured provisions to quadruple the size of its current space.

Cohen and Claudia Jones, the building's on-site leasing agent, negotiated all new and renewal leases on behalf of the building's landlord.
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Title Annotation:Newmark Real Estate Services Inc., New York, New York
Publication:Real Estate Weekly
Date:Jul 1, 1992
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