Commercial Real Estate & Advisory
Commercial Real Estate & Advisory
When Harvard University Press went looking for a new office space last year, the publisher wanted more than a quiet nook for receiving academics and poring over monographs.
Touring Space in the former Printing Arts Building on West 23rd Street, the first thing to catch their eye was the sinks. The two person satellite office of the Cambridge, Mass. Publisher realized they had just found the perfect fixings for a wet bar.
“It’s not as if they’re sitting around drinking all day, but it’s a nice amenity to have,” says their broker, Michelle Stone, managing director of Sinvin Realty Corp.
The former tenant in the 1,100-square-foot space at 119 West 23rd Street was a photographer who needed water for his darkroom. In addition to the sinks, the space has hardwood floors, bright natural light and scalloped, 12-foot-high ceilings.
The publishers lease at 150 Fifth Ave. ends in October, but the landlord was offering incentives to tenants to leave early. Harvard signed a five-year lease of the 23rd Street space in January, after negotiating to lower the asking price of $27 per square foot.
THE DEAL
Who: Harvard University Press
Where: 119 W. 23rd St.
How Big: 1,100 square feet
Asking Rent: $27 a square foot
Lease: 5 years
Tenant’s Broker: Michelle Stone, Sinvin Realty Corp.
Landlord’s Broker: Doug Kleiman of Jonathan Barry Associates Inc.