Swedish Institute Expands Manhattan Footprint

Swedish Institute Inc. has signed a 17,610-square-foot lease at Rosen Equities’ 151 W 26th St., a 197,336-square-foot office property in Manhattan, N.Y. Additionally, the tenant also signed a 10-year extension lease for its existing 40,068-square-foot at the office building, which brings its total footprint to 57,678 square feet.

Koeppel Rosen LLC arranged the lease signings on behalf of the ownership, while Cushman & Wakefield represented the tenant in the transaction.

The educational institute had previously occupied 35,220 square feet at the office building, as well as 4,848 square feet of retail space, across three non-consecutive floors. The new 17,610-square-foot lease comprises the entire third floor.

June saw Manhattan’s office listing rates drop to an average of $67.97 per square foot, down 4.7 percent year-over-year, according to the latest Yardi Matrix office report. Though the national vacancy continues to remain flat month-over-month at 19.4 percent, the borough shows signs of improvement, with a vacancy rate of 15.2 percent, reflecting a 130-basis-point decrease compared to the same period last year.

A mid-rise Chelsea building

Completed in 1912 and designed by architectural firm Schwartz & Gross & B.N. Marcus, the property rises 12 stories between Sixth and Seventh Avenues. The mid-rise features average floorplates of 17,610 square feet, as well as 14,850 square feet of retail space, Yardi Research Data shows.

Amenities at the Energy Star-certified office building include 24/7 building access, freight and passenger elevator cabs, as well as an attended lobby. Goods & Services, LLC, Social Code LLC, and CTA Architects P.C. are some of the tenants at the property.

Situated in Manhattan’s Chelsea neighborhood, 151 W 26th St. is near the metro station on 28th Street, on lines 1 and 2. Additionally, the historical mid-rise is equidistant between the Empire State Building and the Flatiron Building, less than 1 mile away.

Koeppel Rosen LLC Director Max Koeppel represented Rosen Equities in both lease deals, while Cushman & Wakefield Executive Vice Chairman Mark S. Weiss worked on behalf of Swedish Institute Inc.