Stark Office Suites Takes 17K SF at 717 Fifth Avenue

Office space provider Stark Office Suites is moving into 717 Fifth Avenue in Midtown, Commercial Observer has learned.

Stark, which provides premium furnished office space and virtual office solutions, has signed a long-term lease for 17,300 square feet on the 13th and 14th floors of the 26-story office tower, also known as the Corning Glass Building, according to tenant broker Savills.

The office building is owned by asset management financial conglomerate Dajia Insurance Group. In 2019, Dajia took over Chinese insurance giant Anbang, which bought the 353,000-square-foot tower between East 55th and East 56th streets from Blackstone for $415 million in 2015, as CO previously reported.

The deal represents an expansion of Stark’s Excelsior premium executive office brand, which offers “superior” amenities and service in premier buildings, Savills said. Stark’s first Excelsior location opened at 825 Third Avenue last year, according to its website.

“Stark’s Excelsior brand continues to thrive, and this lease at 717 Fifth Avenue allows us to expand into one of the most prestigious submarkets in New York City,” Adam J. Stark, president of Stark, said in a statement. “Our 2024 opening at 825 Third Avenue exceeded expectations, and strong demand has reinforced our decision to grow further.”

The exact length of the lease was unclear. Asking rent was more than $100 per square foot, according to a source.

Savills’ Craig Lemle and Roi Shleifer brokered the deal for the tenant, while CBRE’s David Hollander, Nick Hilton and Max Tarter represented the landlord. Spokespeople for CBRE and Dajia did not immediately respond to requests for comment.

Excelsior — which is designed for professionals such as family offices, CEOs and boutique investment firms — is Stark’s newest brand, joining its 13 office suite locations in New York City and across Westchester County, Long Island and Connecticut, according to its website. Founded in 2004, Stark serves close to 2,000 businesses.

The company will now move into 717 Fifth Avenue, which recently underwent a multimillion-dollar renovation featuring a new lobby, an 8,000-square-foot amenity center, upgraded elevators and a tenant lounge.

“This transaction underscores our long-term partnership with Stark Office Suites,” Savills’ Lemle said in a statement. “Excelsior’s move to 717 Fifth Avenue reflects both the strength of its business model and the city’s ongoing demand for high-end flexible office space.”

Stark will join several other tenants at its new Midtown building, including law firm Jacobs P.C., nonprofit Central Park Conservancy and real estate agency NAI Global.

French luxury group Kering — which owns brands Gucci, Balenciaga and Yves Saint Laurent — also owns the 115,000-square-foot retail condominium at 715-717 Fifth Avenue, where current tenants include Italian luxury fashion brands Giorgio Armani and Dolce & Gabbana.

Isabelle Durso can be reached at idurso@commercialobserver.com.