Developer Alchemy Properties Moving and Growing Offices Within Midtown East
Real estate investment and development firms Alchemy Properties and Alchemy-ABR Investment Partners have signed a 9,575-square-foot lease at 800 Third Avenue to relocate their joint offices, Commercial Observer can first report.
The companies, which share leadership and offices but are separate organizations, will move into part of the 22nd floor of the 41-story property between East 49th and East 50th Streets in early 2018. A spokeswoman for Savills Studley, which handled the deal for the tenants, declined to disclose the terms of the deal.
“We are delighted to make 800 Third Avenue our new headquarters as we begin the next phase of growth for Alchemy Properties and Alchemy-ABR Investment Partners,” Kenneth Horn, president of Alchemy Properties and founder and partner of Alchemy-ABR Investment Partners, said in prepared remarks. “The move will give us much-needed space to grow in a brand new office, premier building and convenient location.”
Alchemy Properties develops condominiums, rental, retail and mixed-use properties. It is currently converting the top 30 floors of the Woolworth Building at 233 Broadway between Park Place and Barclays Street into luxury condos. Alchemy-ABR Investment Partners is a partnership of Alchemy Properties and ABR Partners, and focuses on developing commercial properties, as CO previously reported.
The firms are relocating from their current 6,700-square-foot offices at 641 Lexington Avenue between East 54th and East 55th Streets.
“The shallow floor plate offers ample natural light throughout the space as well as sweeping views of the city, and the new layout will allow for corner offices for all four partners,” Savills Studley’s Stephen Berliner, who negotiated the deal for the tenants with colleague Gary Kerper, said in a statement.
Richard Teichman of Joseph P. Day Realty Corp. represented the landlord, 800 Third Avenue Associates. SL Green (SLG) Realty Corp. owns a majority stake in the building and Joseph P. Day Realty Corp. also has equity in the tower. Teichman did not immediately return a request for comment.