Software, Investment Firms Take Space at 156 Fifth Avenue
By Rebecca Baird-Remba March 17, 2022 5:09 pm
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A trio of new tenants has signed lease deals at 156 Fifth Avenue in Midtown South, otherwise known as Flatiron Suites, according to landlord broker Newmark (NMRK).
Financial software platform Codat signed a 16,500-square-foot lease for the entire fourth floor of the 13-story building between West 20th and West 21st streets. It will relocate from 215 Park Avenue South, where it occupies the ninth floor.
Business services provider Order, formerly known as Negotiatus, took 16,500 square feet on the entire seventh floor of the building. The startup, which makes purchasing and billing software for businesses, moved from 260 West 39th Street in the Garment District.
Lastly, investment firm Encourage Capital renewed 8,000 square feet on part of the eighth floor.
Asking rent for all three deals was around $64 a square foot, per a Newmark spokesperson.
Flatiron Suites also includes two other nearby buildings, 91 Fifth Avenue and 5 West 20th Street. Other new tenants in the three properties include artificial intelligence platform Nautilus Labs, which took 9,900 square feet at 156 Fifth Avenue. And at 91 Fifth Avenue, kids retailer CAMP, real estate investment platform Equity Multiple and e-commerce outfit Lunar Solar each took 8,000 square feet.
The three buildings include prebuilt office suites with furniture, hardwood floors, high open exposed ceilings and plenty of natural light.
Newmark’s Eric Cagner and Dylan Weisman represented landlord HRC Corporation in all three deals. Elliot Zelinger of Savitt Partners represented Codat in its lease negotiations, and his colleague Corey Height joined him in representing Order. Savills’ Andrew Zang and Gregory Albert handled the deal on behalf of Encourage Capital.
“Today’s tenants seek a higher standard when it comes to the delivery condition of the space, and ownership did a tremendous job of recognizing that,” said Cagner. “We proactively made modifications to enhance the materials and design features of our spaces, all of which was validated by the terrific tenancy that we were able to attract to the portfolio.”
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
