ATCO Inks 3 Lease Expansions in Manhattan

ATCO Properties & Administration has signed three lease renewals totaling 17,477 sq. ft throughout three of its workplace buildings in Midtown Manhattan. SimpleBet, Electra Info Techniques and All Nippon Airways expanded their footprints within the borough.

Sports activities betting expertise firm SimpleBet prolonged its ninth-floor lease on the 12-story, 110,000-square-foot 373 Park Ave. S. Elevate Business Actual Property Managing Director Jamie Katcher and Senior Advisor Henry Korzec brokered the settlement on behalf of the tenant, whereas Colliers Vice Chair Robert Tunis, Affiliate Kyle Berlinsky and Managing Director Joseph Mangiacotti represented the owner. The asking hire was set for $62 per sq. foot. In accordance with CommercialEdge, Aegis, LaunchSquad, Superior Focus and RRU Analysis even have leases on the property. 

Knowledge acquisition and supply service agency Electra Info Techniques renewed its 4,494-square-foot dedication on the 14th flooring inside the neighboring 17-story, 228,000-square-foot 381 Park Ave. S. ATCO Co-President Hemmerdinger Goodman dealt with the lease signing in-house. The agreements didn’t contain any brokers representing the tenant and the asking hire was $66 per sq. foot. Electra joins the prevailing roster on the property, which incorporates EVOS, Valerio Architects, NYFF Occasions and Fleischman Salon, amongst others. 

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All Nippon Airways will relocate on the fifth flooring at 630 Third Ave. The Japanese airline signed a 7-year lease to occupy 4,251 sq. ft inside the 252,000-square-foot constructing. Newmark Affiliate Director Brittany Silver and Managing Director Jonathan Franzel assisted the owner, whereas JLL Senior Vice President Dan Santagata and Managing Director TJ Hochanadel dealt with the lease signing on behalf of the tenant. The asking hire was $65 per sq. foot.

Within the second half of 2022, Slovenia’s consulate additionally doubled its dedication at ATCO’s 23-story tower.

Leasing in Manhattan stays sturdy regardless of excessive emptiness and rents

In accordance with a latest CommercialEdge report, the Manhattan workplace market skilled probably the most speedy enhance in emptiness charges among the many Northeast markets, with a 2.6 p.c year-over-year enhance, to succeed in 15.4 p.c in January. The identical supply reveals that Manhattan stays the market with the very best asking charges throughout final 12 months, averaging at $75.74 per sq. foot. Regardless of this, leasing exercise persevered within the borough.

Earlier this month, sovereign wealth fund Temasek Worldwide prolonged and expanded its lease settlement at RFR Realty’s Seagram Constructing in Midtown Manhattan. Final month, JEMB Realty Corp. executed three leases totaling 32,000 sq. ft on the 720,000-square-foot 75 Broad St. in Downtown. Rudin Administration Co. additionally signed a 59,550-square-foot, 15-year lease at 80 Pine St., inside the Monetary District.