Colliers Named Agent for 245 Fifth Avenue
Jotham Sederstrom Jan. 10, 2012, 8 a.m.
Brokerage firm Colliers International has been named the exclusive leasing agent for 245 Fifth Avenue, a Midtown South building co-owned by The Moinian Group and Thor Equities.
The 303,000-square-foot Class A building has received pre-build improvements to its mid-level and tower floors, which will have an added emphasis on high-end finishes and glass front offices, the company said in a press release. Sizes for those floors range from 2,000 to 9,000 square feet.
Christel Engel, senior managing director of Colliers International’s New York Office, and colleague Michael Thomas will be heading 245 Fifth Avenue’s leasing efforts.
Newmark Knight Frank previously handled the building’s leasing.
Cassidy Turley will be handling the building’s management, said Ms. Engel.
The newly designed asset has been renovated enough to make it a draw to an established–or newly formed–tech company, an industry that is already a darling in the Midtown South neighborhood.
“I think the building is extremely well-suited for the growing migration of the tech sector,” Ms. Engel told The Commercial Observer.
Ms. Engel also said that the recent additions The NoMad Hotel and The Ace Hotel to the area, along with a super-tight vacancy rate – 9.5 percent in the last quarter, according to a Cassidy Turley report – have both given Midtown South enough cache to help turn 245 Fifth Avenue into an asset.
The 26-story Art Deco building, designed in 1927 by George F. Pelham, also counts Say Media and Big Brothers Big Sisters as tenants.
Daniel Edward Rosen is reachable at Drosen@observer.com