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Sparks are flying in Midtown.
The nonprofit electrical grid adviser Northeast Power Coordinating Council inked a 13-year deal for 5,800 square feet on part of the fourth floor of 1040 Avenue of the Americas , according to landlord broker Newmark.
Newmark declined to disclose the asking rents. The New York Business Journal first reported news of the deal.
Northeast Power, which assesses the reliability of power systems in the Northeast and develops standards for those systems, has been headquartered at the Midtown office building for at least a decade, according to a 2013 audit of the company. Its new fourth-floor space was designed for Northeast Power’s hybrid work plan, NYBJ reported.
Landlord Skyline Developers was grateful to keep Northeast Power in the building, said Newmark’s William Cohen, who brokered the deal for Skyline with then-colleague Jarad Winter. Winter this month left Newmark for a post at Two Trees Management, according to his LinkedIn profile.
Other tenants at the 25-story building between West 39th and West 40th streets include hotel investment firm AWH Partners, the New York Building Congress and recruitment firm Update Legal.
Armano Real Estate’s Joseph Armano handled the deal for the tenant. Armano declined to comment. Northeast Power did not immediately respond to a request for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
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