Flex Office Provider and Consulting Firm Renew Space at 555 Fifth Avenue
By Mark Hallum May 16, 2023 11:13 am
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Flex office provider Cornerstone Office Services and consultant Telsey Advisory Group renewed their offices at ATCO Properties & Management’s 555 Fifth Avenue, Commercial Observer has learned.
Cornerstone will remain on the entire 14th floor, where it has leased 12,281 square feet since June 2003, while Telsey reupped on its 6,879 square feet on the seventh floor, where it has been since May 2017.
ATCO did not disclose the length of the extensions, but said asking rent started at $65 per square foot.
Cornerstone provides office spaces to small and midsize businesses, while Telsey is a woman-owned consulting firm that specializes in research, trading and banking.
“Given the options currently available on the market, we are delighted that [the tenants] will continue their tenancy with ATCO,” Kate Hemmerdinger Goodman, co-president of ATCO, said in a statement. “These … renewals are emblematic of the strong relationships we form with our tenants and demonstrate their appreciation for our high-quality assets and hands-on approach to management.”
Hemmerdinger Goodman represented the landlord in-house in both deals, and the tenants did not use outside brokers, according to ATCO.
At 20 stories tall, 555 Fifth Avenue sits at the southeast corner of East 46th Street and has up to 257,000 square feet of office space. In late 2019, a wall of vintage ads with messages such as “QUIET! BIG REAL ESTATE DEAL GOING ON” were uncovered on the fourth floor, CO reported at the time. That seems to be the case to this day.
Mark Hallum can be reached at mhallum@commercialobserver.com.
