Newmark Grubb Knight Frank (NGKF) is pleased to announce the completion of a five-year sublease at 550 Seventh Avenue. Senior Managing Director Paul Davidson and Associate Director Matthew Feigen represented the tenant, Ben Elias Industries Corp., in the transaction.
Ben Elias Industries Corp. is a 70-year-old, fourth-generation, family-run apparel company that prides itself on being a national leader in off-price apparel. The 11,695 square-foot space at 550 Seventh Avenue will serve as the company’s new showroom, occupying the entire 12th floor. With its original showroom a few blocks away at 1400 Broadway, Ben Elias Industries Corp. was looking to relocate to an appropriately-sized space, where it could refresh the business and operate more efficiently.
550 Seventh Avenue is home to a number of fashion tenants including Ralph Lauren, Lily Pulitzer and other well-known brands. The Art Deco building comprises 23 stories and has a newly renovated lobby. “In addition to the prime location and building amenities, the tenant was attracted to the strength of both the tenant roster and the ownership found in The Adler Group,” noted Davidson. The Adler Group, Inc. takes a very active role in managing the building which it has owned and operated since 1929.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.