Marketing Firm Dept Takes 11K SF at 470 Park Avenue South
By Amanda Schiavo September 24, 2025 2:34 pm
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Global marketing services firm Dept has inked a 10,500-square-foot lease at the Williams Equities-owned office tower 470 Park Avenue South, the property owner announced.
The length of the lease was described only as “long term,” while the asking rent was not disclosed. The average asking rent for office space in Midtown was $82.28 per square foot for the 2025 second quarter, according to CBRE data.
Dept will move in the first quarter of 2026 into the eighth floor of the north tower of 470 Park Avenue South, which spans the length of the avenue between East 31st and East 32nd streets. The firm’s current address is listed on its website as 36 East 20th Street, about 0.6 mile south of its future home.
“New York City is at the heart of creativity and innovation in the U.S., and 470 Park Avenue South provides the perfect home for our next chapter,” Carryn Quibell, CEO for Dept Americas, said in the statement. “This space will bring our teams together in an inspiring environment as we continue to grow and partner with clients across the Americas.”
Williams Equities was represented in-house by Michael Cohen, Andrew Roos and Robert Getreu, and by Colliers’ Jessica Verdi, Mac Roos and Rachel Kirkham.
“We’re excited to welcome Dept to 470 Park Avenue South,” Colliers’ Roos said in a statement. “This lease underscores the value this asset provides to a wide range of professional service sectors and reflects our commitment to providing state-of-the-art workspaces that support collaboration, innovation and long-term growth.”
Dept was represented by Nick Farmakis and Michael Bertini from Savills.
“Dept was drawn to 470 Park Avenue South for its rare combination of creative design and professional sophistication,” Farmakis told Commercial Observer via email. “The building offers the kind of inspiring environment that supports both collaboration and productivity, making it an ideal fit for their team.”
Williams Equities acquired 470 Park Avenue South earlier this year for $147.5 million from Steven Pozycki’s SJP Properties and PGIM Real Estate, Commercial Observer previously reported. Williams Equities purchased the building for about $100 million less than when it was previously sold in 2018 for $245 million.
Other tenants at 470 Park Avenue South include business partnership platform Impact.com, sports streaming service Dazn and veterinary diagnostics laboratory Antech Diagnostics.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
