Spongetech Delivery Systems, Inc. (fka SPNGQ)

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2009 dated article.........................SPNG is paying rent, $253500 per annum

Swelling SpongeTech soaks up more space

By Amanda Fung

Published: May 12, 2009 12:00 AM

Fast-growing retail sensation SpongeTech Delivery Systems has filled up every nook and cranny in its current office space and is moving down the block to 10 W. 33rd St.

The Manhattan-based maker of sponges preloaded with detergents and even car wax—for cleaning everything from pets to cars—has signed a 10-year lease for 6,500 square feet at the Fashion Accessories Center. The asking rent for the partial fifth-floor space was $39 a square foot. SpongeTech plans to move out of its current 1,500-square-foot office at 43 W. 33rd St. by the beginning of June.

“We have run out of space,” said Barry Kolevzon, executive vice president of SpongeTech, which has within the last year tripled its head count to 18 employees. The growth was aided by aggressive nationwide ad campaigns. “We need to keep up with demand and handle sales growth.”

Founded in 1999, SpongeTech also wanted to remain near the Empire State Building and good rail and subway connections. “They’re comfortable with the location,” said David Levy, a principal of Adams & Co. Real Estate, the building’s landlord. Mr. Levy worked directly with the tenant on negotiations.

Details:

* Tenant Name: SpongeTech Delivery Systems
* Street Address: 10 W. 33rd St.
* Square Feet: 6,500
* Asking Rent: $39 Per Sq Ft.
* Lease Length: 10 years
* Market: Midtown
* Submarket: Penn Plaza/Garment Distric
* Borough: Manhattan
* Brokerage Firm: Adams & Co. Real Estate
* Author: Amanda Fung
* Landlord Broker: David Levy
* Tenant Broker: David Levy
Entire contents © 2009