
Manhattan, NY According to JLL, Valon Technologies has leased a full floor of office space at 860 Bdwy., the redeveloped six-story office building in Midtown South.
The company will relocate from a co-working space at 88 University Plc. to occupy 13,815 s/f across the entire 4th floor of 860 Bdwy. in the first quarter of 2024.
JLL executive vice president Seth Hecht and associate Thomas Swartz represented Gordon Property Group in the transaction. Cushman & Wakefield executive managing director Michael Movshovich and director Troy Elias represented Valon Technologies. Asking rents were $68 per s/f..
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,