Stellar Management, in partnership with Imperium Capital, announced that Breather – an on-demand meeting space provider – has signed a lease at 220 Fifth Avenue.
The company has signed a five-year lease to take part of the third floor and plans to officially occupy the space by the Fall of 2017.
The transaction is part of a rapid expansion by Breather, which now operates more than 450 spaces in 10 cities across the US, Canada, and the UK.
The company has emerged as the leading provider of flexible meeting rooms booked seamlessly via its app or website, and boasts thousands of clients including Spotify, American Express, and Google here in New York City.
Breather was represented by Ramsey Feher of CBRE. Brian Waterman, Andrew Peretz, David Malawer and Brent Ozarowski of NGKF represented the owners.
“Breather offers an attractive service that we see bringing a sense of collaboration and a fresh dynamic to the Midtown South area,” said Matthew Lembo, a principal at Stellar Management.
“We are excited to have them as a tenant and ultimately see them as an amenity for the entire building.”
“New York is one of the most competitive office markets in the country,” said Hank Jonap, Breather’s Head of Real Estate in the market. “We’re proud to partner with owners like Stellar Management, who recognize the value we add to their portfolio and are committed to offering their tenants flexible workspace solutions.”
220 Fifth Avenue is currently undergoing an extensive capital improvement program and will soon boast a fully renovated lobby as well as updated and modernized building systems.
The building also features high-end, custom pre-builds for turn-key office space, making it easier for prospective tenants to visualize a well-designed and efficient layout. There are currently five full floors available for lease comprising approximately 9,000 rsf each.