Vita Coco Signs 23K-SF Office Lease at 111 Fifth Avenue
By Mark Hallum September 10, 2024 10:48 am
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Vita Coco is packing up its corporate offices at 250 Park Avenue South and making a not-too-far journey nearly three blocks away.
The company, with widely recognizable packaging for its coconut water, has signed a 22,530-square-foot, 10-year lease at the Winter Organization’s 111 Fifth Avenue, according to tenant brokers CBRE (CBRE). Asking rent was in the mid-$80s per square foot, CBRE said.
“As an international brand, Vita Coco required a high-quality headquarters to match its stellar brand reputation,” CBRE’s Jason Frazier, who represented the tenant with Jesse de la Rama, said in a statement.
Newmark (NMRK)’s Rob Silver and Anthony Sciacca negotiated on behalf of the landlord but did not immediately respond to a request for comment. The Winter Organization could not be reached for comment.
It’s unclear how long Vita Coco was at 250 Park Avenue South and the size of its office. The billion-dollar beverage company joins a growing list of Manhattan tenants forgoing large crosstown moves for new digs only a few blocks away.
Both office buildings are just north of Union Square. 250 Park Avenue South is at the corner of Park Avenue and East 20th Street, while 111 Fifth Avenue is at the corner of Fifth Avenue and East 18th Street.
Other tenants in the Fifth Avenue building include women’s fashion brand LoveShackFancy, which signed a lease for 20,000 square feet on the eighth floor of the 12-story building in March 2022; Douglas Elliman, which relocated its agents to 111 Fifth in 2017, signing a 19,500-square-foot lease on the seventh floor; and fast-fashion brand H&M, which has a store that anchors the ground-floor retail space.
Mark Hallum can be reached at mhallum@commercialobserver.com.
