551 Fifth Ave. is also referred to as the Fred F. French Constructing. Picture courtesy of The Feil Group
The Feil Group has signed a 20,955-square-foot, 10-year dedication at 551 Fifth Ave., a 430,165-square-foot Class A workplace tower in Manhattan’s Plaza District. Eaglestone Holdings, a specialty infrastructure contractor within the Northeast area, is the brand new tenant. The asking lease was $58 per sq. foot.
PJ Mechanical, a subsidiary of Eaglestone, will occupy many of the area, together with New York Vitality and Environmental. Eaglestone may even relocate its headquarters to the property from 55 Broad St., presently below an office-to-residential conversion. The roster on the new location consists of New York Advisory Providers, Argent Ventures, Sadis & Goldberg, Kamber Administration and Faros Properties, in line with CommercialEdge.
The proprietor picked up the property from MetLife Actual Property Funding in 2002, as a part of a $268 million portfolio deal, the identical supply reveals. Designed by Sloan & Robertson and accomplished in 1927, the 38-story Artwork Deco-style tower was added to the Nationwide Register of Historic Locations in 2004. Often known as the Fred F. French Constructing, the property options 5,494- to twenty,297-square-foot floorplates, concierge desk and floor-to-floor home windows.
551 Fifth Ave. is near Grand Central and 14 miles from John F. Kennedy Worldwide Airport. The Feil Group’s Head of Business Workplace Leasing Andrew Wiener and Vice President of Retail Leasing Randall Briskin negotiated on behalf of the owner.
Vital workplace leases in Manhattan
As of September, Manhattan’s common asking fee reached $70.05 per sq. foot, marking a 0.5 % contraction year-over-year, a current CommercialEdge report exhibits. Remaining the priciest workplace market within the nation, the borough had a emptiness fee of 17.7 %, the very best one within the Northeast area.
A current notable leasing deal was Weill Cornell Drugs’s new dedication at 575 Lexington Ave. The 30-year, 100,000-square-foot growth introduced the tenant’s footprint to 300,000 sq. toes, marking one of many largest offers signed in New York Metropolis thus far this yr.
One other important transaction was Tower Analysis Capital’s 15-year lease comprising 121,903 sq. toes at 120 Broadway in Decrease Manhattan. The tech firm will relocate to Silverstein Properties’ 40-story tower in late 2024.
