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Silverstein Properties Leases 40,550 s/f at 529 Fifth avenue 

Silverstein Properties, one of New York City’s leading real estate development and management companies, today announced two lease signings totaling 40,550 square feet at 529 Fifth Avenue, a 20-story, Class A office building in Midtown Manhattan.

The leases include:

SDC Designs, a leading designer, manufacturer, and wholesaler of fine jewelry, signed a long-term renewal for its 12,423 square feet space on the 16th floor of the property and will expand by 17,382 square feet on the 10th floor to occupy a total of 29,805 square feet.

ARS Investment, a privately held investment management company, leased 10,745 square feet on the fifth floor in a relocation from 500 Fifth Avenue.

Located two blocks from Grand Central Terminal, 529 Fifth Avenue is a contemporary, 20-story office building that has the prestige of Fifth Avenue and convenience of proximity to Bryant Park. Centrally located near three major transit hubs, the building is highly convenient for tenants seeking to simplify their commute.

“We are delighted to continue our relationship with SDC Designs, and welcome ARS Investment to 529 Fifth Avenue,” said Joseph Artusa, Senior Vice President of Leasing at Silverstein Properties. “This is one of the best located buildings in New York City, and the perfect place to grow a business, recruit and retain employees.”

“529 Fifth has a terrific amenity program, including the Willow – our Inspire lounge with outdoor space,” said Harlan Strader III, Vice President of Leasing at Silverstein Properties. “SDC and ARS will also have access to amenity spaces in all our North American office buildings, including cafes, cocktail bars, terraces, event spaces, yoga studios, wellness rooms, conferencing, mothering rooms and more.”

Joseph Artusa, Keith Cody and Harlan Strader III represented the landlord in these transactions, along with a team from JLL including vice chairmen Paul Glickman and Alex Chudnoff; executive managing director Christine Colley; senior vice president Diana Biasotti; vice president Kyle Young, and associate vice president Kristen Morgan. SDC was represented by Lance Korman at Newmark. ARS Investment was represented by Daniel Horowitz and Jeffrey Peck of Savills.

“As the workforce continues its return to work, convenient access is a major attraction,” said Paul Glickman, vice chairman of JLL.  “Owned and operated by a best-in-class institutional landlord, 529 Fifth Avenue is well positioned to capitalize on renewed demand from high caliber tenants seeking space in highly amenitized properties in prime locations.”

Originally built in 1958, 529 Fifth Avenue was fully renovated in 2016. Earlier this year, Silverstein Properties completed a $20 million upgrade that included a new amenity floor and revitalization of the storefront previously occupied by Best Buy.

Designed by integrated design firm Architecture + Information (A+I), the new amenity space is branded The Willow, and offers tenants space to convene, relax, and enjoy fresh air on the building’s terrace. It features a cafe, outdoor seating, fireplace, and yoga room. Tenants also have access to the INSPIRE amenity app by Silverstein Properties. INSPIRE provides tenants with hospitality-focused services ranging from an on-site hospitality ambassador to social and wellness programming.

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