Empirical Research and Two Others Lease Prebuilt Space at 551 Fifth Avenue
By Mark Hallum January 23, 2024 4:21 pm
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The Feil Organization is filling up its prebuilt space on the 18th floor 551 Fifth Avenue.
Investment advisory firm Empirical Research Partners" class="company-link">Empirical Research Partners signed a four-year, 7,464-square-foot lease for the prebuilt space in the Midtown East office property also known as the Fred F. French Building, according to the landlord.
Asking rent on the 18th floor is $67 per square foot, according to Feil.
J.P. Krahmer of Avison Young negotiated on behalf of Empirical Research Partners, which is currently located on the 25th floor at 565 Fifth Avenue, in the deal. Krahmer did not immediately respond to a request for comment.
Empirical wasn’t the only tenant to take prebuilt space on the same floor. Valla Morrison & Schachne, a business law firm, agreed to 4,297 square feet for five years and are relocating from 509 Madison Avenue which is undergoing an office-to-residential conversion.
Matt Etlinger of Cushman & Wakefield (CWK) brokered the deal on behalf of the tenant, but did not immediately respond to a request for comment.
Lastly, The Bahamas Ministry of Tourism signed a five-year lease for 3,329 square feet to expand by 940 square feet from its previous space in the building, according to Feil.
Brett Rovner of The Ashtin Group" class="company-link">The Ashtin Group represented the Caribbean island nation in the transaction. Rovner did not immediately respond to a request for comment.
“Embracing innovation, understanding our tenant’s needs, and exceeding expectations are the foundation of the Feil approach,” Andrew Wiener, who represented the Feil Organization in-house with Kevin Driscoll and Henry Korzec, said in a statement. “These three leases at 551 Fifth Avenue each showcase our new, prebuilt designs which provide the ideal office environment for a wide range of businesses.”
Mark Hallum can be reached at mhallum@commercialobserver.com.
