Clean Energy Provider Onyx Renewable Signs 11K-SF Lease at 505 Fifth
By Mark Hallum September 29, 2023 10:30 am
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A decarbonization solutions firm is moving to 505 Fifth Avenue with a 10,760-square-foot lease, Commercial Observer has learned.
Onyx Renewable Partners signed a 10-year deal with Stawski Partners, which owns the building. Onyx will relocate from 230 Park Avenue early next year, after the buildout of the space on the entire 14th floor is completed, according to landlord broker JLL (JLL).
JLL did not disclose the asking rent, but a Transwestern report on the second quarter of 2023 placed the Midtown average asking rent at $80.34 per square foot.
“As the flight to quality continues to drive relocation trends, 505 Fifth Avenue has tremendous curb appeal for employers seeking flexible, full-floor identity that can accommodate their business needs,” JLL’s Paul Glickman, who represented the landlord with Diana Biasotti, Kristen Morgan and Kyle Young, said in a statement. “Its robust infrastructure supports functionality while its prime location combines lively social and cultural offerings with convenient commuting options.”
JLL’s Clark Finney and T.J. Hochanadel negotiated on behalf of the tenant with a Newmark (NMRK) team that included Brian Goldman, Scott Gutnick and Joshua Berg. A spokesperson for Newmark declined to comment.
The 28-story building at the corner of East 42nd Street and Fifth Avenue is also leased to real estate lender PCCP, which signed a 10-year lease for 10,717 square feet in June 2022, as well as a number of other financial and investment firms including Norges Bank, Nord/LB, Bessemer Venture Partners, Brean Capital and Brownstone Investment Group.
Mark Hallum can be reached at mhallum@commercialobserver.com.
