Andiamond Relocates to 590 Fifth Avenue
Michael Ewing Feb. 22, 2013, 5 p.m.
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 Equities‘ 590 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.