Lease Beat

Andiamond Relocates to 590 Fifth Avenue

Courtesy of Eastern Consolidated

Courtesy of Eastern Consolidated

Andiamond LLC will be relocating their headquarters office in New York.

The fine diamond company has signed a deal for 5,063 square feet at Thor Equities590 Fifth Avenue.

“Their current lease will be expiring and [Andiamond LLC] needed a bigger space for their company as it’s [growing fast],” said Lily Lin, vice president of commercial realty services at AC Lawrence Real Estate. “They tried to find an office space that [is] close to their original office, for security purposes, and close to the Diamond District. They did want a Fifth Avenue address, if possible.”

The diamond company will be leaving their office at 587 Fifth Avenue in favor of the new office.

“It’s all about location, especially for high-end fine diamond businesses,” said Mrs. Lin. “The security is [also] very important. Their original office is right across the street [and] it made it easy for them to move to this space.”

“Plus 590 [Fifth Avenue] has a good lobby,” she added. “It’s a much better quality building than they were in before.”

Andiamond LLC’s space at 590 Fifth Avenue is brand new high-end pre-built that spans the entire eleventh floor. The space will feature three windowed offices in the front overlooking Fifth Avenue and a few windowed offices in the rear. The office will also have an interior conference room, a pantry, and an otherwise open floor plan.

Mrs. Lin represented Andiamond in the transaction. Newmark Grubb Knight Frank’s Eric Cagner represented the landlord, officially listed as Thor Fifth Avenue and 580-590 Fifth Avenue LLC.

The lease was set for 10 years and six months. The asking rent was $57 per square foot for the first five years of the lease, $59 per square foot for the second half, and included six months of free rent.

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