Four New Tenants Sign Midtown South Leases [Updated]
The Moinian Group and Thor Equities inked deals for four new tenants totaling 40,397 square feet in their 26-story building at 245 Fifth Avenue just north of Madison Square Park, Commercial Observer has learned.
E-commerce reviewer service TrustPilot and skin care and spa provider Anti-Aging America each signed for 13,627 square feet for the entire fourth and sixth floors of the building, respectively, while ad agency Wednesday NY will move into the 8,916-square-foot 25th floor later this year and the nonprofit research organization the Families & Work Institute will occupy a 4,227-square-foot area on the 10th floor of the building.
“245 Fifth Avenue is the new destination for tech, media, entertainment and creative firms,” said Gregg Weiser, Moinian’s director of leasing, in a prepared statement. “The building is ideally located in the new thriving NoMad community, home to upscale businesses, trendy restaurants, and nightspots.”
Asking rents at the property run between $65 and $70 per square foot, and Christine Engel, Whitney Anderson and Michael Baraldi of Colliers International represented the building owners in the negotiations for all four leases.
“Spectacular views, great light, and side core design combined with its exciting location make this a unique find,” said Ms. Engel in a prepared statement. “Our focus has been to accommodate tenants with organic growth needs.”
Lidice Mendoza and Doug Rice of Rice & Associates negotiated for TrustPilot, an online community of business reviewers.
“One of the things that really made it their first choice was ownership’s willingness to roll up their sleeves,” said Mr. Rice, who noted that Thor and Moinian agreed to a five-year term for TrustPilot. “Flexibility on the term as well as opportunities for growth were key drivers in closing the deal.”
Christine Traina and Avi Lasri of Douglas Elliman Real Estate represented Anti-Aging America in the long-term lease.
“It was an entire floor and the layout worked for us; it was a Fifth Avenue address,” Ms. Traina said. “Moinian and Thor Equities worked diligently and we worked diligently to make it happen.”
Brian Nuegeboren, Marc Schoen and Michael Schoen of Savitt Partners represented London-based Wednesday NY, who will be moving their office uptown from a Soho location.
“They have several employees who live in Brooklyn, so the transportation is great for them,” said Michael Schoen, who noted the ad agency inked a 10-year lease. He added, “It’s about having a full floor space, and you have full 360 views of the city.”
Paul Spiegel of Scopa CRE negotiated for the nonprofit in a long-term lease.
“The location was very important to the tenant,” said Mr. Spiegel. “What really sealed the deal is that the building itself is one of the best buildings in the district, even before the renovation that they’re planning.”
Thor and Moinian are currently implementing capital improvements to the 1927 structure, and four tower offices are still available.
Update: This story has been updated with quotes from Paul Spiegel and Michael Schoen.