SPEAR Physical Therapy Signs 10-Year Lease at 630 Third Avenue in Midtown East
By Nicholas Rizzi January 5, 2021 12:49 pm
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A physical therapy practice with nearly two dozen locations around the city took space for a new outpost at 630 Third Avenue, Commercial Observer has learned.
SPEAR Physical Therapy signed a 10-year lease for 2,700 square feet on the ground floor of ATCO Properties & Management’s building between East 40th and East 41st streets in Midtown East, according to the landlord. Asking rent was $125 per square foot.
The practice — which plans to open in the second quarter of this year — took the final retail space in the building vacated after Duane Reade closed its location there in 2019, according to ATCO. ATCO split the storefront into three parts and previously inked deals with Dig Inn and P.F. Chang’s To Go.
“In a little over a year, we were able to fully lease and activate this vital section of Third Avenue, while providing access to services that benefit our tenants, workers and visitors,” Kate Hemmerdinger Goodman, co-president at ATCO, said in a statement. “In spite of the challenging retail market conditions, we view this new transaction and the lease-up of our retail spaces as a key example of the strength and resiliency of the Grand Central district.”
Newmark (NMRK)’s Michael Paster brokered the deal for ATCO, while Evan Clements of The Dartmouth Company handled it for the tenant. Clements did not immediately respond to a request for comment.
“Ownership did an incredible job demising a former Duane Reade into three retail spaces,” Paster said in a statement. “After signing leases with P.F. Chang’s To Go and Dig Inn, we solved the final piece of the puzzle with SPEAR Physical Therapy. We think the office tenants upstairs will enjoy the eclectic blend of new retail tenants in the building.”
Tenants in the office portion of the 23-story 630 Third include the Consulate General of Uzbekistan and law firms Rubin, Fiorella, Friedman & Mercante and Leader Berkon Colao & Silverstein.
