An investment firm and a design consulting firm will relocate to 475 Fifth Avenue between East 40th and East 41st Streets near Bryant Park, Commercial Observer has learned.
Stantec Consulting Services inked a 32,000-square-foot deal for the entire seventh and eighth floors of the 24-story building. It is currently at 50 West 23rd Street between Fifth Avenue and Avenue of the Americas where it also occupies the seventh and eighth floor.
Stantec was represented by Steven Rotter, Brian Connolly and Justin Haber of JLL, who did not immediately respond to a request for comment. Asking rent in the 10-year deal was $79 per square foot, according to Brian Waterman of Newmark Grubb Knight Frank, who represented the landlord TIAA in both deals with his colleagues Scott Klau and Erik Harris.
In the other deal, Kylin Management will expand its footprint by relocating to 15,400 square feet on the entire 11th floor of the same building. Asking rent in the 10-year deal was $84 per square foot. The investment firm currently occupies 5,928 square foot on the 16th floor of 366 Madison Avenue between East 45th and East 46th Streets, in the same neighborhood as its new space.
TIAA, a New York-based Fortune 100 retirement provider for those in academia or research, bought the 275,764-square-foot property for $143 million from Barclays Capital Real Estate in October 2011, according to property records. The upper floors consist of 234,000 square feet of office space while the ground-floor has 19,150 square feet of retail space, according to CoStar Group.
The building was completed in 1925 and was renovated in 2012 by architecture firms Starrett & Van Vleck and Swanke Hayden Connell Architects. Four years ago, the elevators were modernized and the lobby entrance was moved to East 41st Street and completely remodeled with marble flooring. Other tenants include sports arena design firm Populous, content sharing service Pinterest and denim retailer G-star Raw.