Source 360, a supplier of industrial and home furnishings fabrics, has signed a 10-year lease for a 2,407-square-foot portion of the 13th floor at ATCO Properties’ 381 Park Avenue South, Commercial Observer has learned. Asking rent for the space was $55 per square foot.
The tenant, an affiliate of Next Fabrics, is expected to relocate from its Port Washington headquarters on Long Island this summer.
“We’re delighted to welcome Source 360’s leading fabric supply business to our building, which is conveniently located between Madison Square Park and all major transportation hubs – making it an ideal urban location for the company’s commuting workforce,” said Kate Goodman, co-president of ATCO, in a prepared statement.
The 210,000-square-foot building at 381 Park Avenue South boasts over 29,000 square feet of space available for lease. The building’s tenant roster includes Stephen B. Jacobs Group, Besen Associates and Travel Planners. Restaurant Sarabeth’s opened at the property in 2012.
Peter Goldich, a managing director at ATCO Brokerage Services, represented the landlord in the lease. The tenant was represented by James Graham, an associate at Winslow & Company LLC.