GFP Real Estate, LLC is pleased to announce that it has signed four new leases totaling 15,400 square feet of office space at 40 Worth Street in TriBeCa. The new leases bring the historic office building to 100 percent leased, a major milestone in today’s leasing market.
In the first transaction, Jani Real Estate signed a three-year lease extension and expansion for 8,442 square feet on the eighth floor. The company, which first moved in ten years ago, added an additional 3,768 square feet to existing space. Roy Lapidus of GFP Real Estate represented the landlord, 40 Worth Street Associates, LLC, and the tenant in the transaction.
In the second transaction, visual artist Emily Christine Velez Nelms (d.b.a. Velez Nelms Concepts, LLC), signed a four year lease for 1,500 square feet on the 6th floor. Roy Lapidus of GFP Real Estate represented the landlord, 40 Worth Street Associates, LLC in the transaction; Jonathan Bock of Olmstead Properties, Inc. represented the tenant.
In the third transaction, construction services company P & T Construction Company LLC signed a three year lease for 1,500 square feet on the 8th floor. Roy Lapidus of GFP Real Estate represented the landlord, 40 Worth Street Associates, LLC, and the tenant in the transaction.
In the fourth transaction, Mighty Minds and Muscles, a boutique, team-oriented pediatric therapy and coaching organization, sign a short-term lease for 3,958 square feet on the 8th floor. Roy Lapidus of GFP Real Estate represented landlord, 40 Worth Street Associates, LLC, and the tenant in the transaction.
“Reaching 100 percent leased at 40 Worth Street is a testament to the resilience of TriBeCa and the enduring appeal of well-positioned, high-quality office space in today’s market,” said Lapidus. “Our commitment to providing flexible, tenant-focused solutions has been key to attracting a diverse group of businesses that value both the location and the character of the property.”
40 Worth Street is a neo-classical building, also known as the Merchants Square Building, that was built in 1929 by the architectural firm of Jardine, Hill & Murdock. Situated in upscale Tribeca in Manhattan, the building totals nearly 800,000 square feet, and occupies a full block from Worth Street to Thomas Street between West Broadway & Church Street. With large, efficient floorplates and oversized windows throughout, the building offers abundant natural light and exceptional city views, catering to small, medium and large tenants alike. Building tenants include an array of major non-profits including the Acumen Fund, the Legal Aid Society and the Innocence Project.
About GFP Real Estate, LLC
Committed to building a better New York since 1952, GFP Real Estate is a vertically integrated owner, operator, property manager and developer of commercial real estate in the New York metropolitan area. With over 57 buildings and more than 13.8 million square feet under ownership, GFPRE’s portfolio includes some of New York’s most iconic real estate assets.
