Corcoran Group Signs 15K-SF Lease at 381 Park Avenue South

Olmstead Properties has seen an avalanche of deals since acquiring two buildings in Manhattan’s Flatiron District just four months ago, Commercial Observer has learned.

The latest was for residential real estate brokerage the Corcoran Group, which signed an 11-year, 14,710-square-foot lease at 381 Park Avenue South, a 17-story office building owned by Olmstead and investment platform Vertex, according to the landlords.

The asking rent for the 244,000-square-foot building on the corner of Park Avenue South and East 27th Street was not disclosed, but the average office asking rent in Midtown South was $84.91 per square foot in February, according to a report from CBRE.

Corcoran will relocate from its current offices a block north at TF Cornerstone’s 387 Park Avenue South, and will occupy the new space sometime in the summer.

“Olmstead was an exceptional partner — decisive, collaborative and very easy to work with,” Gary Malin, CEO of Corcoran, said in a statement. “Their ability to execute quickly and thoughtfully made the entire process seamless and reinforced our confidence in both the building and the ownership.”

Corcoran’s Paul Wexler represented the tenant in-house while Steven Marvin and Jonathan Bock handled negotiations in-house on behalf of Olmstead.

Wexler did not immediately respond to a request for comment.

Olmstead purchased 381 Park Avenue South and the adjacent 373 Park Avenue South in November 2025 in a $105 million deal from Atco Properties & Management, and it rapidly began a repositioning effort that added prebuilt office suites ranging in size from 3,200 to 6,500 square feet, according to the landlord.

Marvin said he wasn’t surprised by transaction velocity in the building upon closing the acquisition.

“Olmstead is known for running these classic, 1920s construction buildings and providing the size of spaces that the market is looking for,” Marvin told CO. “So if you [look] at what’s going on on Park Avenue South, which is probably one of the hottest corridors in the city right now, a lot of the other buildings are looking for large-block tenants, and we cater to anything from 1,000 [square feet] to full floors of 14,710 feet, which is what Corcoran took, a full floor.”

A recent deal at Olmstead’s 373 Park Avenue South was for artificial intelligence company Stuut, which agreed to a short-term lease spanning 9,043 square feet. Negotiations began in late December, and three weeks later Stuut moved into a prebuilt space, according to Marvin.

Since acquiring both buildings, Olmstead and Vertex have signed 11 leases, including Corcoran and Stutt. The other nine deals total about 43,000 square feet of office space.

Within the first couple weeks of buying the property, Marvin said Olmstead also received six offers from potential tenants to take over a retail slot formerly occupied by Mexican restaurant Dos Caminos. A transaction is pending.

Mark Hallum can be reached at mhallum@commercialobserver.com.