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Deals & Dealmakers

ATCO Properties & Management Completes Six Renewals Totaling 30k SQFT

 ATCO Properties & Management announced today that six of its current office tenants have signed lease renewals totaling 29,668 square feet across three midtown properties: 555 Fifth Avenue, 630 Third Avenue and 381 Park Avenue South.

“Building strong relationships with our tenants and providing them with the highest quality offerings are of the utmost importance to us at ATCO Properties and Management,” said Kate Hemmerdinger Goodman, co-president of ATCO Properties & Management. “This plethora of renewals at buildings across our portfolio speaks to our ongoing success in doing so. We looked forward to their continued tenancy.”

555 Fifth Avenue

At 555 Fifth Avenue, a 20-story, 257,000-square-foot premier office building, law firm Nicoletti Spinner Ryan Gulino Pinter LLP will remain on a portion of the 8th floor in 12,497 square feet of space. The firm represents national and international insurance and reinsurance companies, as well as commercial and private clients on a wide range of insurance-related matters in New York and New Jersey.

In the same building, accounting firm Frankel & Salamo, LLC renewed for 3,425 square feet on the ninth floor.

Centrally located at the southeast corner of East 46th Street, 555 Fifth Avenue is just blocks from Grand Central Terminal and a short walk to premier destinations including Bryant Park, the New York Public Library, Rockefeller Center and the heart of the Fifth Avenue shopping corridor. The building boasts green terraces, LEED certification, upgraded elevators and an artificially intelligent HVAC system. Prominent office tenants include Howard Sloan Search, CW Financial Services, Maritime Capital, LLC, Cornerstone Office Services, Inc., Telsey Holdings LLC and Global Excess Partners. Retail tenants at the property include Barnes & Noble, HOKA and JoJu Vietnamese Sandwich.

Hemmerdinger Goodman represented building ownership in-house on both leases. James Gale of CBRE represented Nicoletti Spinner Ryan Gulino Pinter LLP in the transaction. Asking rents were $58-$63 per square foot.

630 Third Avenue

At 630 Third Avenue, a 23-story 252,000-square-foot office tower located steps from Grand Central Terminal, fragrance manufacturer and distributor Parlux, Ltd., renewed its lease for 7,371 square feet on the 6th floor.

Law firm MRTL Realty LLC has also renewed its lease for 4,285 square feet on the 18th floor.

630 Third Avenue is located between East 40th and 41st Streets, and recently underwent a capital improvement and amenities redesign, adding a new retail façade, new elevator cabs and sun-filled terraces. Prominent office tenants at the property include Kraft Kennedy, Schwartz Levine Stark PLLC, All Nippon Airways Co. Ltd. and the Permanent Mission of the Republic of Slovenia to the United Nations. The building’s retail occupiers include SPEAR Physical Therapy, ONGI Korean Grill and Dig Inn.

Hemmerdinger Goodman represented building ownership in-house on both leases. Howard Kesseler of Newmark & Company Real Estate, Inc. represented Parlux. Asking rents were $56-$62 per square foot.

381 Park Avenue South

At 381 Park Avenue South, a 17-floor 228,000-square-foot building across from Madison Square Park, Industrial Development Funding, LLC renewed its lease for 1,279 square feet on the 11th floor. The private credit platform provides funding solutions to global industrials that accelerate the development and deployment of products and technologies key to energy transition and decarbonization efforts.

Also at 381 Park Avenue South, talent representation firm CxC II Enterprises, Inc, (successor-in-interest to FunnyFace, Inc.), renewed its lease for 811 square feet on the 8th floor.

Hemmerdinger Goodman represented building ownership in-house on both leases. No tenant brokers were involved in either transaction. Asking rents were $62-$69 per square foot.

381 Park Avenue South was built in the early 1900s and offers sunny exposures and flexible floorplates. The property conveniently sits just steps from several subway lines, including the N, Q, R and 6 trains. Prominent office tenants include FGS Design LLC, Two Sticks Inc., Valerio Architects, Inc., EVOS, ListenFirst Media and the Stephen B. Jacobs Group. Famed bakery and restaurant Sarabeth’s Kitchen is located at the base of 381 Park Avenue South.

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