Newmark has leased the penthouse office at 475 Fifth Avenue to business development firm, LBB Industries.
Brian Waterman, Scott Klau and Erik Harris represented the landlord, Nuveen Real Estate, while Bill Levitsky and Matt Augarten represented the tenant.
LBB Industries (LBB) will relocate to the 4,126 s/f penthouse space across the entire 24th floor from 400 Park Avenue. The firm plans to move into their new office in August 2021.
“The Penthouse at 475 Fifth Ave was extremely attractive to LBB due to its convenient location, unparalleled views of the park, and a top-tier pre-built space,” said Levitsky.
“We believe that the hard work that Nuveen invested into upgrading the property continues to make it a top choice for creative and financial firms,” added Harris, who noted that tenants include Penske Media, Stantec Consulting, Ionic Capital Management and Kylin Management.
475 Fifth Ave is a LEED-certified Silver and Wired Score Gold property that recently implemented a capital improvements plan. The asset includes a new 24/7 attended lobby featuring new state-of-the-art marble terrazzo flooring, limestone walls, upgraded mechanicals and new elevators. The common tenant amenities include a dedicated delivery center, multiple private terraces, and available storage units. The property is centrally located near 14 subway lines, Grand Central Terminal, Penn Station and Times Square.
According to Newmark Research, there were 94 new tenants in the Manhattan market in Q1 2021, more than in the first quarter of 2019 and 2020. This is more than double the number of new entrants to the market between March and September 2020. Midtown has captured a significant component of this leasing activity, with 3.4 million square feet accounting for 77.4 percent of the overall activity.
