French Economic Development Agency Moving Blocks Away to 250 West 54th Street
A French economic development agency for the southern region Occitanie, Sud de France Dèveloppement, will relocate its New York City offices blocks away within Midtown to 250 West 54th Street, Commercial Observer has learned.
Sud de France signed a 10-year lease for 4,750 square feet on a portion of the ninth floor of the 13-story building between Broadway and Eighth Avenue, landlord Zar Property NY confirmed.
The French company — which aims to promote products made in the Occitanie region and holds wine tastings events in its space — currently has its offices nearby at Jeff Sutton’s 724 Fifth Avenue between West 56th and West 57th Streets, according to Zar.
Sud de France was attracted to its new digs because it wanted to remain in the neighborhood but avoid the high price tag of a Fifth Avenue address, tenant broker Joshua Stein of Norman Bobrow & Co. said.
“They wanted a new office space in Manhattan that offered the amenities and prestige of Fifth Avenue buildings without paying Fifth Avenue rents,” Stein said in a statement.
Stein represented Sud de France while David Zar handled the deal in-house for the landlord.
Zar declined to provide the asking rent for the space, but CoStar Group data shows asking rents in the property are around $59 per square foot.
Other tenants in the 182,211-square-foot property include Magnolia Bakery‘s corporate headquarters, musical instrument auction house Tarisio Auction and Westside Spine and Sports Medicine.