Cohen Brothers Realty has concluded new lease agreements with a coworking provider and four other tenants at 475 Park Avenue South, one of its office buildings in Midtown South. The largest contract was signed with International Workplace Group (IWG), an owner of the flexible workspace brand Regus, which, according to the landlord, occupies an area of 22,000 square feet across the entire 26th and 27th floors of Charles Cohen's building.
The exact term of the lease was not initially disclosed by Cohen Brothers. Asking rents in this building range from $75 to $85 per square foot. Marc Horowitz, National Leasing Director at Cohen Brothers, commented on the latest developments: “This wave of activity demonstrates the continued appeal of our building following its comprehensive transformation. IWG’s flexible workspace model is precisely the kind of forward-thinking amenity that today’s tenants seek, and these transactions collectively bolster the building’s tenant roster and solidify 475 Park Avenue South’s position as a premier address in Midtown South.”
Marc Horowitz and Adam Foster of CBRE negotiated on behalf of the landlord, while T.J. Hochanadel and Will Propst of JLL represented IWG in this deal. In addition to IWG, the technology and business consulting firm Millenium Alliance has also signed a slightly smaller contract, which however entails an expansion within the building from 10,010 to 20,020 square feet. Millenium has increased its space through two consecutive expansions, with the most recent expansion covering approximately 5,000 square feet. The new contract also includes a lease extension for the already existing space. Horowitz represented the landlord, while Taylor Scheinman of CBRE led the negotiations for the tenant.
CRC North, a property valuation company, has signed a 4,000-square-foot lease for a New York office in the building. The firm was represented by Michael Hymowitz of LSL Advisors and Glenn Isaacson and Tony Builder of Bradford Allen. Furthermore, venture capital firm Contour Venture Partners has renewed its 3,300-square-foot lease for three and a half years in the building, with no external brokers involved. Starbucks has also renewed its 1,550-square-foot retail lease on the ground floor of the property. David Firestein of The Shopping Center Group represented the coffee giant. Marc Horowitz represented the landlord in each of these transactions.
