GFP Real Estate, LLC has signed four new office leases totaling 15,400 square feet at 40 Worth St. in TriBeCa. The new leases bring the historic office building to 100% leased. Roy Lapidus of GFP Real Estate represented ownership in all four leases.

The leases included the following:

• Jani Real Estate signed a three-year lease extension and expansion for 8,442 square feet, adding 3,768 square feet to its existing space. Lapidus also represented the tenant.

• Visual artist Emily Christine Velez Nelms leased1,500 square feet for four years. Jonathan Bock of Olmstead Properties, Inc. represented the tenant.

• Construction services company P & T Construction Company LLC leased 1,500 square feet for three years. Lapidus also represented the tenant.

• Mighty Minds and Muscles, a pediatric therapy and coaching organization, signed a short-term lease for 3,958 square feet. Lapidus also represented the tenant.

“Reaching 100% leased at 40 Worth St. is a testament to the resilience of TriBeCa and the enduring appeal of well-positioned, high-quality office space in today’s market,” said Lapidus.

Commercial brokerage R.W. Holmes recently brokered two industrial leases totaling 18,000 square feet at 118 Lumber Ln. in Tewksbury, MA. Lease terms were not disclosed.

Cable Plus, specializing in cabling, connectivity, racks & cabinets, power solutions, hardware and tools, leased 9,000 square feet. Additionally, J & M Floor Coverings, Inc., a flooring company, leased another 9,000 square feet in the same building.

SVP David Gilkie of R.W. Holmes represented the landlord, 118 Lumber Lane LLC, and J&M Floors. Cable Plus was represented by Mitch Jacoby of Lee & Associates.  

R.W. Holmes serves as the exclusive leasing agent for the property, which is located at the intersection of I-93 and I-495.

“This is a great location that offers easy access to major highways,” said Gilkie. “With the building’s 23’ clear height and ability to subdivide into two suites of 9,000 square feet, it is a rare find in this market. We are thrilled we could perform so quickly for our client.”

As of year-end 2023, Austin posted a strong occupancy level of approximately 96.8 percent, based on Weitzman’s review of retail market conditions. The percentage, the strongest among Texas’ major retail markets, is based on a market inventory of approximately 52.4 million square feet. 

The market’s years-long trend of limited new construction also contributed to the tight market. And even though deliveries in 2023 resulted in the highest new construction total in seven years, most new space was user-driven by concepts like grocery stores like H-E-B and power anchors like Costco. 

During calendar year 2023, new space deliveries totaled approximately 789,000 square feet in new and expanded projects with 25,000 square feet or more. The 2023 deliveries represent the highest new-space level since the market added 1.1 million square feet in 2016.