International Federation of Accountants Moves to 13K SF at 570 Lexington Avenue

The International Federation of Accountants (IFAC) has signed a new 12,800-square-foot lease at 570 Lexington Avenue, building landlord The Feil Organization told Commercial Observer. 

The firm, a professional organization for accountants worldwide that operates an independent standards-setting board and provides education and training for those in the profession, will open its new New York City headquarters on part of the building’s fifth floor. 

The lease is for less than 10 years, and asking rents in the building range from $65 to $80 per square foot, according to a source close to the deal. The IFAC’s website lists its current address as 529 Fifth Avenue. It is unclear when the organization will move to Lexington. 

“Finding the right headquarters was essential to supporting our firm’s continued success, and 570 Lexington was the perfect fit,”  Claudio Girolami, director and chief technology officer at IFAC, said in a statement. “The building’s location and thoughtfully designed spaces give us the foundation to collaborate, innovate and thrive — ensuring we’re well positioned to meet the evolving needs of our stakeholders.”

Joining the IFAC at 570 Lexington Avenue is the boutique trial law firm Greenberg Gross, which will occupy 4,300 square feet on the building’s 34th floor for a five-year lease term, Feil announced.

Greenberg Gross and IFAC were represented by Jeffrey Peck, Daniel Horowitz, Jacob Stern and Eddy Grigg from Savills. 

“Both clients desired quality office space in Midtown from a financially stable landlord, all at competitive pricing,” Stern said in the statement. “Feil delivered with the right economics and an above-standard new installation for IFAC and Greenberg Gross.”

The Feil Organization was represented in-house by Andrew Wiener, Kyle Young and Tim Parlante.

“IFAC establishing its new New York City headquarters at 570 Lexington Avenue demonstrates the long-term value well-located assets offer leading companies,” Wiener said in the statement. “Combined with Greenberg Gross, these two leases underscore the momentum behind our leasing efforts and the strength of our repositioning strategy.”

Often known as the General Electric Building, 570 Lexington Avenue is a landmarked skyscraper built in 1931 that spans 450,622 square feet at the corner of Lexington and East 51st Street in Midtown Manhattan. Other corporate tenants include Sotheby’s Institute of Art, which renewed its 19,436 square feet on the property’s entire sixth floor in April, attorney Gretchen Schumann, and Cornell University. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.