Hospitality Company Accor Opens 23K-SF of Office at 711 Fifth Avenue
By Anna Staropoli June 10, 2024 11:44 am
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Fifth Avenue isn’t so far from France.
Parisian hospitality company Accor now occupies 23,000 square feet at Michael Shvo’s 711 Fifth Avenue, following a December deal that went unreported at the time. The asking rent in the building at the intersection of Fifth Avenue and West 55th Street was $120 per square foot. News of the deal was first reported in the New York Post.
Spokespeople for Shvo and Accor did not immediately respond to requests for comment. It’s unclear who brokered the deal.
Accor’s seventh-floor lease brings the 18-story property, also known as the Coca-Cola Building, to 90 percent occupancy, according to the Post. Shvo purchased the 354,000-square-foot 711 Fifth for $955 million in 2019 and renovated it in 2021.
The office and retail building’s tenants also include the members-only Core Club — which occupies four floors — and clothing retailer Loro Piana, among others. An upcoming deal is slated to fill the remaining available space, according to the Post.
It’s unclear where Accor originally had its U.S. office space, though the company’s global portfolio includes two Midtown hotels: The Plaza and Sofitel New York. In 2020, Accor also acquired a 50 percent stake in SBE Entertainment Group, taking over hotel operations and many food and beverage brands.
Anna Staropoli can be reached at astaropoli@commercialobserver.com.
