Manhattan, NY According to co-CEOs Brian Steinwurtzel and Eric Gural of GFP Real Estate, the firm has completed two leases totaling 52,769 s/f at 520 Eighth Ave., a 25-story, 860,000 s/f office building located in Midtown.
• Mason Tenders District Council Welfare Fund renewed its lease for 40,000 s/f.
• Entertainment Benefits Group (EBG) signed a new five-year, 12,769 s/f lease.
GFP senior managing director Matthew Mandell acted on behalf of the ownership in both transactions.
The Mason Tenders’ District Council of Greater New York and Long Island has emerged as one of the most prominent labor organizations in the nation. The nearly 15,000 members of the Mason Tenders District Council (MTDC) include construction workers, asbestos and hazardous materials handlers, Catholic High School teachers, and recycling and waste handlers.
“We are proud to retain Mason Tenders at 520 Eighth Avenue,” said Mandell. “Working closely with our existing tenants as their real estate requirements evolve is of paramount importance to us. Mason Tender’s commitment speaks to the ownerships hands-on approach to client service as well as the building’s exceptional office spaces.”
EBG is one of the largest privately held travel and entertainment providers in the U.S. Headquartered in Miami, the company operates a network of consumer and B2B businesses that reach over 60 million users and sell more than eight million admission tickets annually.
“EBG selected 520 Eighth Ave. due to the property’s location in the heart of a bustling Midtown neighborhood,” said Mandell. “It’s close proximity to a number of public transportation options, as well as a wide array of dining and retail options has made 520 Eighth Avenue a hub for corporate space users from around the country.”
Originally constructed in 1926 as a garment district manufacturing building, 520 Eighth Ave. was completely transformed into a modern office building in the early 2000s. The building boasts 50,000 s/f floor plates and a top security system. Located between 36th and 37th Sts., 520 Eighth Ave. is near Times Square, and close to from major transit hubs Penn Station and the Port Authority Bus Terminal. An on-site building management team handles tenant’s day-to-day needs, with the building annually awarded an Energy Star label for its operating efficiency.
GFP Real Estate, led by Jeffrey Gural, Eric Gural and Brian Steinwurtzel, is a vertically integrated owner, operator, property manager and developer of commercial real estate with its 66-year-history of hands-on asset management and owned portfolio of more than 10 million s/f of commercial properties, nearly 9 million s/f of which is based in New York City. GFP Real Estate oversees an additional 3 million s/f for its partners and clients, representing a total of over 13 million s/f under management.
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