ATCO Properties & Management reports that four companies have recently signed office leases and renewals at 381 Park Avenue South, a boutique 16-story, class A property in Midtown South.
Real estate investment services firm Besen & Associates has renewed 15,577 s/f on the 11th and 15th floors for 10 years. The firm’s new lease now extends until the year 2025.
Also renewing are art restoration company, Terrence Mahon, on a portion of the 13th floor (1,521 s/f) and architect, George Schwarz, on a portion of the ninth floor (1,249 s/f).
ATCO also signed a new, direct lease for Manhattan Total Health & Physical Medicine on a portion of the 4th floor. The 2,557 s/f office is expected to open in December 2015.
Kate Goodman, co-president at ATCO Properties & Management, said 381 Park Avenue South’s location, with easy access to the 28th Street 6-train subway station, N and R subways and Madison Square Park, is driving the leasing activity at the 220,000 s/f building.
“These new leases and renewals at 381 Park Avenue South are not only a key indication of our convenient and desirable location, but the strength of our reputation as owners in the marketplace,” she said.
Peter Goldich, senior managing director of ATCO Brokerage Services, represented the landlord in-house for the Besen, George Schwarz and Manhattan Total Health transactions, while Jarad Winter, managing director of ATCO Brokerage Services, represented the landlord in-house for the Terrence Mahon transaction. Matt Mager of the Besen Group represented the Besen Group. Robert Dalton of RMD Realty Associates represented Manhattan Total Health & Physical Medicine.
Asking rents in the building are in the $62 to $68 per square foot range.