Paul Smith, Beachwold Residential Sign for Full Floors at 257 Park Avenue South
The Feil Organization signed two major tenants to entire floors at 257 Park Avenue South after offering pre-built spaces, Commercial Observer has learned.
British apparel designer Paul Smith has signed on for 12,617 square feet on the fifth floor and developer Beachwold Residential leased 12,637 square feet on the 13th floor for an undisclosed number of years, according to the landlord. Asking rents were $79 per square foot.
Paul Smith, which currently has a retail store at 88 Wooster Street in SoHo and another in Williamsburg, Brooklyn, will use the Flatiron District space as a showroom and office.
Beachwold Residential — fresh from picking up a 662-unit multifamily portfolio from Adam Neumann for roughly $293.5 million — will be relocating from its current headquarters at 192 Lexington Avenue, according to The Feil Organization.
“Ownership has gotten more aggressive and proactive in pre-building larger spaces and offering more generous tenant improvement allowances, which has increased the demand for our buildings,” Rob Fisher, director of commercial leasing at The Feil Organization, said in a statement.
Fisher represented Feil in-house while Caleb Petersen, Will Grover and Ben Shapiro of Newmark represented Paul Smith. Jarod Stern of Savills represented Beachwold Residential. Newmark and Savills did not immediately respond to requests for comment.
The 20-story, 226,000-square-foot building at Park Avenue South and East 21st Street was built in 1912 and has a distinctive design featuring gargoyles and Art Deco graphics.
Mark Hallum can be reached at firstname.lastname@example.org.