Clarion Partners, an investment adviser that owns 100-104 Fifth Avenue on behalf of a commingled fund, along with The Kaufman Organization, the exclusive leasing agent for the property, announced that they have secured four leases totaling 47,400 s/f at the Midtown South tower.
Existing tenant DeVito/Verdi renewed and extended its lease and Net-a-Porter expanded its footprint within the building.
Current sub lessor, Arquitectonica and New Enterprise Associates join the roster of tenants which also includes industry leaders such as Adobe Systems, Knewton and Apple.
“100-104 Fifth Avenue has earned the distinction of being a ‘hub’ because it is a fully-renovated building and offers an attractive destination that caters to a wide-variety of companies; regardless of industry, the building’s loft-style layouts, central location and top-tier tech amenities have elevated the property, and tenants and prospects take notice,” said Margaret Egan, senior vice president with Clarion Partners.
“Securing tenants like New Enterprise Associates and Arquitectonica, while renewing and expanding existing leases … only strengthens 100-104 Fifth Avenue’s position as one of the premier locations in the Union Square area.”
Grant Greenspan, principal of Kaufman and Michael Kaufman, partner at Kaufman represented Clarion Partners in the four signed leases. Owen Hane of Cushman & Wakefield represented Net-a-Porter; Michael Berman at CBRE represented Arquitectonica.
New Enterprise Associates (NEA), one the largest and active venture capital firms in the world, signed a 10-year, 5,400 s/f lease for space on the 19th floor of the building – the tower floor space offers.
Melissa Bazar and Remy Liebersohn of Cushman & Wakefield represented NEA; the asking rent was in the high $80s per-square-foot.
Thus far in 2015, Clarion and Kaufman have been able to secure more than 77,000 square feet worth of leases at 100-104 Fifth Avenue.
The team is now marketing the last remaining space in the building; a pre-built, 9,500 s/f pre-built space on the fifth floor, which is available for immediate occupancy.