Edwynn Houk Gallery Signs 6K-SF Lease at 693 Fifth Avenue
By Mark Hallum October 16, 2024 1:35 pm
reprints
Billionaire Marc Ladreit de Lacharrière has three new tenants in its Plaza District office building at 693 Fifth Avenue.
The largest of the three, photography exhibition space Edwynn Houk Gallery, signed a 10-year deal for 5,806 square feet on the entire sixth floor of the building, according to the landlord, which did not disclose the asking rent in the building.
Average asking rent for offices in Midtown at the end of September was $77.70 per square foot, according to a report from CBRE.
Edwynn Houk, which specializes in 20th-century photography with the work of Stephen Shore and Annie Leibovitz on display, will relocate from 745 Fifth Avenue.
“The building offers unparalleled accessibility, financial viability, and visibility in NYC’s finest neighborhood — the Plaza District of Fifth Avenue,” Robert Gallucci of Colliers (CIGI), who represented the landlord, said in a statement. “Spacious, customizable office suites, full-floor leasing availability, comfortable waiting areas, private consultation rooms, and ample parking make this building an ideal choice for medical practices.”
Howard Poretsky of Colliers negotiated on behalf of the gallery, but did not immediately provide comment.
A floor below Edward Houk, Park 5 Physical Therapy signed a 10-year, 4,582-square-foot lease for the entire ninth floor with representation from Anthony Builder of Bradford Allen, who did not immediately respond to a request for comment.
It appears to be the first location for the tenant.
Finally, Daloopa, which offers artificial intelligence-powered financial data, signed a five-year, 4,803-square-foot lease on the 13th floor with Cresa’s Michael Okun, who did not immediately respond to a request for comment, brokered the deal for Daloopa.
While Daloopa signed its deal in October, it already occupies the building.
Financière Marc de Lacharrière acquired the building for $525 million from Thor Equities in 2016, securing a $250 million loan from J.P. Morgan Chase that year, Commercial Observer reported at the time.
The building hit a period of distress from 2020 to 2023 when litigation between the Italian luxury retailer Valentino and the landlord went to court over the tenant failing to pay rent, ultimately leading to a settlement, which forced the owner into default with Wells Fargo, which bought the loan from J.P. Morgan Chase.
Mark Hallum can be reached at mhallum@commercialobserver.com.
