The Moinian Group announced today that it has completed two leases totaling 26,228 square feet at its 545 Fifth Avenue property, with affiliate jewelry companies Sandeep Diamond Corporation and IDD USA each taking a full floor in the owner/developer’s prime Midtown property.
Sandeep Diamond Corp. and IDD USA, which both currently occupy individual spaces next door at The Moinian Group’s 535 Fifth Avenue, have signed long-term leases for larger offices at 545 Fifth Avenue. Sandeep Diamond is taking the entire 4th floor, while IDD USA is taking the entire 10th floor. Both firms, whose new offices will both be 13,114 sf, are scheduled to move into their respective new spaces in Q2 2023, pending build-out.
The Moinian Group was represented in-house in both transactions. Joshua Goldman, of Avison Young, represented the tenants.
“Sandeep Diamond and IDD USA are affiliate diamond companies with an international reach, both in growth mode, who wanted to expand their Midtown presence in a high-traffic area with proximity to both the Diamond District and Grand Central Terminal,” said Ted Koltis, Executive Vice President of Commercial Leasing for The Moinian Group, which is celebrating its 40th year in operation. “We are excited to be able to extend and expand our relationship with them both at 545 Fifth Avenue.”
Founded in 1986, Sandeep Diamond corporation caters to major retailers in the United States and Latin America. Its core expertise roots in diamond bridal products while rapidly expanding to different jewelry areas such as diamond fashion, natural gemstones (semi-precious, precious, exotic) and lab-created diamonds.
IDD is one of the largest distributors of fine diamond jewelry and loose diamonds serving the independent jewelry retailers & regional chains across North America.
In addition to this new transaction, The Moinian Group continues construction of its 200,000-sf Hudson Arts Building at 220 11th Avenue, expanding its investment and presence along the Far West Side. Known as The Moinian Mile, the developer owns more than 4 million square feet of real estate on 11th Avenue alone. Those properties include residential—The Oskar at 572 11th Avenue and Sky at 605 West 42nd Street, the largest luxury residential property in Manhattan—and commercial properties including The Hudson Arts Building and 3 Hudson Boulevard, a 1.9-million-square-foot office tower set to rise in the heart of the Hudson Yards District with JV partner Boston Properties.