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Deals & Dealmakers

Jeweler Tiffany & Co. opening new Flatiron District office

Tiffany & Company is opening a new office in the Flatiron District.

The deal for space on 23rd Street is among a slew of Midtown South leases completed by Adams & Co. Real Estate totaling 50,631 s/f.

Tiffany & Company, the world-renowned jeweler, 4K Media, a subsidiary of Konami Digital Entertainment that manages the Yu-Gi-Oh! And Rebecca bonbon brands, 3Q Digital, a digital marketing firm, and Ability Insurance and Advantage Capital all signed full-floor leases at interconnected buildings on 23rd Street.

Jim Buslik, Alan Bonett and Bradley Cohn of Adams & Co. represented the landlord, Twenty Three R.P. Associates, in the leases at 49 and 53 West 23rd Street, between Fifth and Sixth Avenues.

Constructed in 1916 and 1915, respectively, 49 West 23rd Streets spans 65,534 s/f, while 53 West 23rd Street spans 274,116 s/f. The buildings, along with 30 West 24th Street, a 71,037 s/f property, are interconnected with breakthroughs from one building to the next, creating single floor plates as large as 28,000 s/f. All three properties feature 24/7 access, on-site security, a lobby attendant and multiple fiber optic providers.

Tiffany & Company signed a 16,909 s/f lease for the entire seventh floor at 53 West 23rd Street. Tiffany will utilize its floor as office space for company executives, designers and administrative employees. Greg Taubin of Savills Studley represented Tiffany & Company in the deal. Asking rent was $66 per square foot.

4K Media signed a 16,909 s/f lease for the entire 11th floor at 53 West 23rd Street and a 5,594 s/f lease for the 11th floor at 49 West 23rd Street. The interconnected offices at West 23rd Street will house 4K Media’s productions facilities. Joel Wechsler of CBRE represented 4K Media in the transaction. Asking rent was $66 per square foot.

3Q Digital signed a 5,625 s/f lease for the entire 10th floor at 30 West 24th Street. Dan Katcher od Newmark Knight Frank represented 3Q digital. Asking rent was $60 per square foot.

Ability Insurance and Advantage Capital Holdings signed a 5,594 s/f lease for the entire eighth floor at 49 West 23rd Street. Dennis Someck of Lee & Associates represented Ability Insurance and Advantage Capital. Asking rent was $62 per square foot.

“These 23rd Street properties benefit from a superb location in the heart of New York City and boast modern features, like a newly renovated lobby, modernized elevators and an updated state-of-the-art security system. The updates the landlord made at these buildings attracted Tiffany & Co. and 4K Media and also helped lease a total of 120,000 square feet at the properties over the past 12 months,” said Buslik, a principal at Adams & Co.

“Additionally, the vast amount of nearby transit options will make it easy for Tiffany’s employees to travel up to its flagship store on Fifth Avenue and 57th Street; the corporate HQ is also only a short walk away. For 4K Media, it was important for its headquarters to be near similar companies and in close proximity to mass transit options that grant easy access to the area’s international airports.”

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