Thor Equities Achieves 100% Occupancy at Midtown Office

By GlobeNewswire – Press Releases

New York, NY, July 09, 2024 (GLOBE NEWSWIRE) — Thor Equities Group, a global leader in real estate development, leasing, and management, is pleased to announce leases with Citizen M and Tin Drum, Inc., at 25 W. 39th Street in Manhattan. With the addition of these two tenants, the asset is now 100% occupied.  

Citizen M, a fully integrated owner-operator hotel brand with a presence in 18 cities, has signed a long-term lease for 12,000 square feet on the eleventh floor of Thor Equities’ historic property. Selected for the property’s ideal location and range of amenities, Citizen M looks to expand their portfolio and execute their mission in Manhattan where the brand currently operates two hotels. The second tenant to sign a long-term lease at 25 W. 39th Street is Tin Drum Inc., a technology collective encompassing designers, coders, artists, and scientists. The company will occupy 14,000 square feet on the fourth floor of the property. 

Constructed in 1907 as the Engineering Societies’ Building, 25 West 39th Street boasts a rich history and architectural significance. The property was funded by a $1.5 million contribution from Andrew Carnegie and once housed one of the world’s largest engineering libraries as well as a 1,000-seat auditorium. Members included luminaries such as Thomas Edison and Nikola Tesla.

“We are excited to announce we have reached full occupancy at 25 W. 39th Street. This achievement reflects the dedication of our team, and our commitment to delivering high-quality spaces that promote collaboration and support professional success,” said Chairman of Thor Equities Group, Joe Sitt.

Thor’s recent activity includes the acquisition of several industrial assets across the United States and Mexico. In the last month in the United States, Thor acquired over 350,000 square feet of modern facilities in the sought-after Texas and New Jersey markets. In Mexico, Thor acquired 1.6M square feet in Saltillo and Ramos Arizpe. Thor’s Chairman, Joe Sitt, spoke again on Bloomberg TV’s Wall Street Week about his conviction in commercial real estate opportunities across Mexico, as well as investor interest in light of the recent election.

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About Thor Equities Group

Thor Equities is a leader in the development, leasing and management of industrial, laboratory, residential, office, hotel and mixed-use assets in premier locations worldwide. The company operates in major cities around the globe and has a property portfolio totaling $20 billion with a development pipeline in excess of 50 million square feet. Thor has a strong presence on three continents and in addition to its US holdings, the company has assets in European gateway cities including London, Paris, Madrid, and Milan, and is the largest developer in Mexico through its Latin American division with a development pipeline of over 20 million square feet. Thor maximizes returns for institutional investors by recognizing a property’s potential, reducing operating expenses, increasing tenant satisfaction, and leveraging market trends to maintain a long-term competitive edge. For more information, visit www.thorequities.com.

Source: GlobeNewswire – Press Releases