ADCO Group has signed a three-and-a-half-year, 10,800-square-foot lease for its relocation to Somerset Partners’ 450 Park Avenue.
The 33-story, 334,404-square-foot black granite tower with 10,300 to 10,800-square-foot floor plates stands beside such Class A office buildings as The Seagram Building, Lever House and 500 Park Avenue, likewise catering to top-tier boutique firms who covet full floor occupancy.
As an elite group of boutique financial firms reaches for prestige amid a shortage of high-end space, the number of $100-per-square-foot deals is soaring this year, and this deal reportedly had asking rents in that range.
The increase in high-end leases is thanks in large part to an elite group of small, prestigious boutique financial firms across the city looking for high-end space amid a shortage.
As the second quarter of 2013 came to a close, 28 triple-digit leases have been recorded, according to data sourced from Cushman & Wakefield.
Annualized, the number of triple-digit leases soars to approximately 60, the highest number since 2008 and one that would trounce last year’s 35 such deals.
Bruce Mosler and Mark Mandell of C&W represented the tenant. David Falk and Peter Shimkin of Newmark Grubb Knight Frank represented the landlord. The brokers either declined comment or did not return calls seeking comment.
Somerset Partners purchased the property in 2007. Phillips occupies the building’s ground, mezzanine and 2nd floors.