March 21, 2022 1:30 PM
Newmark announces it has completed more than 80,000 square feet of leasing transactions over the past 12 months at the Flatiron Suites, three office properties in the heart of New York City’s vibrant Flatiron District. Newmark’s Executive Managing Director Eric Cagner and Associate Director Dylan Weisman serve as exclusive leasing advisors for the properties, representing managing agent HRC Corporation in the transactions.
The Flatiron Suites, located at 156 Fifth Avenue, 91 Fifth Avenue and 5 West 20th Street, feature move-in ready suites ranging in size from 1,000-square-foot individual units to blocks as large as 50,000 square feet, offering the flexibility and stylized aesthetic today’s tenants are seeking. The buildings represent the very best of classic Midtown South construction with hardwood floors, high open exposed ceilings and abundant natural light.
“Today’s tenants seek a higher standard when it comes to the delivery condition of the space, and ownership did a tremendous job of recognizing that,” said Cagner. “We proactively made modifications to enhance the materials and design features of our spaces, all of which was validated by the terrific tenancy that we were able to attract to the portfolio.”
Highlights of the recent leasing transactions completed by the Newmark team include:
- API platform Codat.io signed a 16,500-square-foot lease for the entire 4th floor at 156 5th Avenue.
- Business services provider Order, formerly known as Negotiatus, leased the entire 16,500-square-foot 7th floor at 156 Fifth Avenue.
- Nautilus Labs, which builds artificial intelligence to advance the efficiency of ocean commerce, leased a 9,900-square-foot suite at 156 Fifth Avenue.
- Encourage Capital leased 8,000-square-foot suite at 156 Fifth Avenue
- Family experience company CAMP leased 8,000 square feet at 91 Fifth Avenue.
- Equity Multiple, a real estate investment platform, leased 8,000 square feet at 91 Fifth Avenue.
- Lunar Solar, which provides e-commerce and digital marketing services, leased 8,000 square feet at 91 Fifth Avenue.
- Online payment consolidation service Kasheesh! leased 2,800 square feet at 5 West 20th Street.
Remaining available in the portfolio are a few units ranging in size from 2,000 square feet to 16,000 square feet, including the 15,000-square-foot penthouse at 156 Fifth Avenue, which was recently white-boxed and boasts 20-foot ceilings in sections.
The Flatiron Suites buildings are located along Fifth Avenue between 17th Street and 20th Street, offering proximity to Union Square and Madison Square Park and neighborhood amenities including Whole Foods, Shake Shack, the Farmer’s Market at Union Square, Eataly, Union Square Café, Oceans and Gramercy Tavern. The buildings are accessible via the 4, 5, 6, B, D, F, L, N and R subway lines as well as the PATH trains.
Midtown leasing velocity in the fourth quarter of 2021 totaled 5.5 million square feet, an increase of 15.7% from the third quarter, according to Newmark Research. This marks the highest total since the fourth quarter of 2019. The activity was also above the 10-year quarterly average of 5.5 million square feet, propelled by three significant renewals. Midtown average asking rents increased by 6.1% quarter-over-quarter to $82.79 per square foot, the highest level in five quarters.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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