Investment Bank Two Roads Relocating to 8K SF at 1001 Avenue of the Americas
By Mark Hallum May 23, 2022 1:58 pm
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Two Roads Advisors, a small investment bank, is leasing 7,566 square feet at 1001 Avenue of the Americas to relocate from its offices at 589 Fifth Avenue, Commercial Observer has learned.
The bank signed a five-year lease for the 23rd floor, which landlord, ABS Partners Real Estate’s James Caseley said was part of the migration pattern of flight to quality from older, Cass B office space to newer — or newly renovated — assets that offer post-COVID amenities and easier access to mass transit.
“Tenants that would typically look in the Flatiron District are paying attention to what we are offering here, with our high-quality, modern installations,” Caseley said in a statement. “We have one of the best locations in the ‘Transportation Triangle.’ You can Walk to Penn Station, Grand Central, Port Authority, Times Square and Hudson Yards or take a multitude of [other] mass transportation options. It’s easily accessible from literally everywhere.”
Scott Vinett of JLL (JLL) represented the tenant in the deal and did not immediately respond to a request for comment. Asking rents were not disclosed by ABS Partners.
After COVID-19 cleared out offices across the country and new variants delayed many workers’ return, Class A space has been the gold standard for businesses looking to lure back their employees. The first quarter of 2022 alone saw tenants signing up to 4.27 million square feet in Manhattan’s Class A buildings at an average asking rent of $87.09 per square foot, CO previously reported. Class B space just couldn’t keep up; only 1.64 million square feet was leased in the first quarter at an average of $59.11 a foot.
Mark Hallum can be reached at mhallum@commercialobserver.com.
