LUMA Partners Renews 101 Fifth Avenue Office
By Anna Staropoli September 24, 2021 11:19 am
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Investment bank LUMA Partners will keep its 7,080-square-foot office at The Eretz Group’s 101 Fifth Avenue.
The bank, which also has an office in Palo Alto, Calif., will remain on the entire ninth floor of the 11-story building with the renewal. A spokesperson for the tenant broker did not immediately respond to a request for the terms of the deal.
OPEN Impact Real Estate’s Lindsay Ornstein and Transwestern Real Estate Service’s Rory Murphy brokered the deal for LUMA. Nicholas Mok handled it in-house for the landlord.
“We have been working with LUMA Partners for many years and it’s rewarding to continue to support them in their latest transaction,” Ornstein said in a statement. “Eretz Group has been very accommodating and flexible throughout the process.”
This lease is OPEN’s first announced lease since former Transwestern broker Ornstein started the company in July, though Ornstein brokered a deal alongside Transwestern in August. Each lease contributes to the positive trends in Manhattan’s rental activity, which has gradually improved from earlier stages of the pandemic.
In renewing its lease, LUMA Partners will remain in the Flatiron District: an area that includes 27 million square feet of office space, according to Transwestern research. Of those properties, 19.2 percent were available as of mid-year.
“We have intentionally custom-designed our office to create an environment that inspires creativity and best supports our team’s ability to provide strategic advice to optimize outcomes for our valued clients,” LUMA Partners CEO and founder Terence Kawaja said in a statement. “We are very pleased to have the opportunity to stay at 101 Fifth Avenue and capitalize on the current market climate.”
A spokesperson for the landlord did not immediately respond to a request for comment.
Anna Staropoli can be reached at astaropoli@commercialobserver.com.
