Commercial Real Estate & Advisory

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August 6, 2001

Chapter 4 Corp., the New York retail distributor of Stussy, rented a 4,000-square-foot office at 121 Wooster St. in SoHo, a block away from its hip surfer and skate wear store at 140 Wooster St. The asking rent for the office was $50 a square foot, because negotiations began in January when office space in the oh-so-chic neighborhood was really pricey. These days, asking rents there are around $45 a square foot. Chapter 4 was lucky to find nearby office space. It’s hard to come by because of a wave of residential conversions in the area, says Christopher Owles, a managing director at Sinvin Realty Corp. Mr. Owles negotiated the deal for landlord Jordan Wooster Associates. Another Sinvin broker represented the tenant in the transaction.