Med-Tech Company Quadruples Foothold at 570 Lexington Avenue
By Terence Cullen September 24, 2015 1:43 pm
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A medical and technology company has signed a 12,000-square-foot expansion for its New York office at the Feil Organization’s 570 Lexington Avenue between East 50th and East 51st Streets.
Strathspey Crown Holdings now has more than 16,000 square feet at the 50-story building, according to the landlord, and will be on the 27th, 28th and 35th floors of the building. That’s about four times the 4,185 square feet the California-based company currently leases on the entire 26th floor.
The company’s lease for all four floors is for 10 years, David Turino, the director of commercial leasing for the Feil Organization, told Commercial Observer. Strathspey Crown Holdings originally signed a seven-year lease two years ago at the building, he added, and decided to expand as the company grows.
Feil will be managing the build-out of the new floors, which includes a staircase that will connect the 27th and 28th floors, and both parties will be sharing the costs. The asking rent in the deal ranged from $75 to $78 per square foot, a bit higher than the typical rent because of the staircase and additional work going into the site, Mr. Turino said.
Strathspey Crown Holdings also has a 1,500-square-foot terrace on the 26th floor that looks out at the heart of Midtown, featuring such landmarks as St. Bartholomew’s Episcopal Church.
“They came in and we had this killer terrace,” Mr. Turino said. “If you looked over the side, you’d be looking down at St. Bart’s Church.”
Mr. Turino represented Feil in-house; Strathspey Crown Holdings did not have a broker.
