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Category ArchivePaul Ippolito

Premium Merchant Funding Leaving Trump Building for 16K SF at 55 Water

A financial institution for small businesses, Premium Merchant Funding, has sub-subleased 15,965 square feet from foreign exchange trading firm Forex Capital Markets in the Financial District, Commercial Observer has learned.

Premium Merchant Funding will occupy 15,965 square feet on the 50th floor at 55 Water Street via an eight-year sub-sublease, as per a source. The asking rents were in the mid-$50s per square foot. Premium Merchant Funding will relocate from the Trump Organization‘s Trump Building at 40 Wall Street next month.

Forex took the 60,000-square-foot 50th floor in the 52-story, 3.6-million-square-foot building between Old Slip and Coenties Alley in a 2011 sublease, according to Real Estate Weekly at the time. At this juncture, Forex had excess space to give up, and Premium Merchant Funding had grown out of its 10,000 square feet at 40 Wall Street. The new sub-sublease transaction closed last week.

David Ofman of the Lawrence Group represented Forex in the deal. Newmark Knight Frank’s Paul Ippolito and Cushman & Wakefield’s Stephen Burke represented Premium Merchant Funding. Ofman and a spokeswoman for NKF didn’t immediately respond to a request for comment, and Burke declined to comment via a spokesman.

The Class-A office building is owned by Retirement Systems of Alabama. Tenants include S&P Global, New York City Department of Transportation and Teachers’ Retirement System.

Source: commercial

Production Company Expanding Tribeca Offices to 56K-SF

Industrial Color Brands, a company that provides a variety of production services, has signed an early renewal of its 38,000-square-foot offices at the Rudin family’s 32 Avenue of the Americas and will add an additional 18,000 square feet, Commercial Observer has learned.   

The company has been in the 27-story building since 2005 and renewed its existing lease for the entire 38,000-square-foot 22nd floor for another 10 years, bringing its expiration date to 2032, according to information the landlord provided to CO.

Furthermore, Industrial Color will take 9,000 square feet on the 20th floor and another 9,000 square feet on the 21st floor of the building, which is located between Walker and Lispenard Streets.

The length of the expansion was 14 years to match with the expiration of the existing office. And the asking rent was $79 per square foot. Industrial Color hopes to occupy the new space in the third quarter of the year.

“This expansion further demonstrates the continued vitality of Lower Manhattan as a magnet for

leading creative, media and technology firms,” Michael Rudin, a senior vice president at Rudin Management Company, said in a prepared statement. (Rudin Management operates the real estate assets of the Rudin family.)

Robert Steinman of Rudin Management, represented the landlord in the transaction, while Paul Ippolito of Newmark Knight Frank handled the deal for the tenant. Ippolito did not return a request for comment via a spokesman.

The 1.2 million-square-foot building is 100 percent occupied. Other existing tenants include iHeart Radio, Verizon, T-Mobile and New York University.

Source: commercial