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Deals & Dealmakers

Creative agency 21 Grams moving to ATCOʼs 381 Park Ave. South

ATCO Properties & Management announced that healthcare communications and advertising agency 21GRAMS has signed a 14,000 s/f direct office lease at 381 Park Avenue South, a boutique class A office property situated in the Flatiron District.

As part of the agreement, 21GRAMS will sublease a portion of the building’s 5th floor from Williams Lea beginning in June 2019.

The agency will transition to a direct lease with building ownership after the expiration of the sublease in April 2020.

In addition to the relocation for 21GRAMS, ATCO has completed a new two-year deal for production company 368 Third Owners LLC (2,954 s/f) and a five-year transaction with Forefront Communication Group (1,842 s/f).

The new leases continue a period of successful leasing activity at 381 Park Avenue South.

Last year, cloud-based communications solution provider Fuze Inc. relocated to the building, and Superfly Productions established its new, 16,000 s/f headquarters at the property.

KATE GOODMAN

“The swift lease-up of 381 Park Avenue South is a key indication of the strength of our location and the quality of our building,” said Kate Hemmerdinger Goodman, co-president at ATCO Properties & Management, who noteed that the building is now 95 percent occupied.

381 Park Avenue South is located near several subway lines. Other major tenants in include Stephen B. Jacobs Group and Travel Planners.

The building is also home to famed bakery and restaurant Sarabeth’s Kitchen, which opened in 2012.

William Carr, Peter Goldich and John Cinosky of ATCO Brokerage Services represented the landlord in all three transactions, while Michael Pinney of Signature Partners represented 21GRAMS; Harlan Cygielman of Manhattan Realty Advisors LLC represented 368 Third Owners LLC; and Marc Mas of Legacy NY represented Forefront Communications Group. Asking rents ranged from $62 to $65 psf.

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