Panama Maritime Authority, one of the world’s largest organizations offering flag inspections for ships, has decided to hold on to its U.S. headquarters berth at 369 Lexington Ave.
The organization, an autonomous agency of the Republic of Panama, renewed its five-year lease for 5,588 square feet on the 14th floor of the 28-story building on the corner of Lexington Avenue and East 41st Street. Asking rent was $42 a square foot.
“They wanted to stay in the Grand Central submarket because of clients visiting them and them visiting clients,” said Aron Schreier from Cassidy Turley, who represented the Panama Maritime Authority. Jonathan Schindler, a senior managing director at Cassidy Turley, also negotiated on behalf of the tenant.
“We did look at other spaces [in the Grand Central area],” Mr. Schreier added, but the organization wanted to avoid paying moving costs and the possibility to have to sign a sublease.
The landlord, Triangle Assets, was represented by its president and chief executive, Joseph Stavrach. Triangle purchased the building six years ago and has made capital improvements since then.