ATCO Properties & Management announced today the successful completion of four leasing transactions totaling 8,444 square feet at the esteemed 381 Park Avenue South, in the heart of Manhattan’s Midtown South office district.
The largest of the transactions involved a five-year lease renewal with gilding products specialist Sepp Leaf Products, Inc., for 4,617 square feet on the 13th floor. Founded in New York in 1956, the family-run company is renowned within the industry for its wide selection of genuine gold, silver, palladium, metal leaf and supplies. ATCO co-president Kate Hemmerdinger Goodman handled the leasing negotiations with Sepp Leaf Products, Inc. in-house.
Valerio Architects expanded its presence at 381 Park Avenue South by signing a new four-year lease for an additional 1,249 square feet on the 9th floor, bringing their total footprint to 3,239 square feet. Founded in 1994, Valerio Architects specializes in architecture, interior design, planning and brand design for high-end international clientele in the retail, restaurant and commercial office sectors. Kate Goodman handled the leasing negotiations with Valerio in-house.
On the 11th floor of the building, PreZenDental PLLC signed a new 10-year lease for 1,375 square feet. The full-service dental office that provides specialty dental services is opening in the second quarter of 2024. PreZenDental was represented by Evan Gasman of CARR, Inc., and ATCO was represented by Robert Tunis, Kyle Berlinsky and Joseph Mangiacotti of Colliers.
Additionally, ATCO secured a five-year lease renewal with Breakaway Communications, Inc. for 1,203 square feet. Breakaway Communications is a full-service integrated communications firm that specializes in building awareness and thought leadership for technology companies. Alex D’amario from CBRE represented the tenant and Kate Hemmerdinger Goodman represented building ownership.
Kate Hemmerdinger Goodman remarked, “With its enduring architectural charm and coveted Midtown South location, 381 Park Avenue South remains an attractive choice for both new and returning tenants. We’re thrilled that these four tenants have chosen to call – or continue calling – this building home and extend our unwavering commitment to providing top-notch service.”
381 Park Avenue South was built in the early 1900’s and offers sunny exposures and flexible floorplates. Boasting 17 floors totaling 228,000 square feet, the boutique property sits just steps from Madison Square Park and several subway lines, including the N, Q, R and 6 trains. Asking rents on all four transactions was $59-$63.
Prominent office tenants include FGS Design LLC, Two Sticks Inc., Valerio Architects, Inc., EVOS, ListenFirst Media and the Stephen B. Jacobs Group. Famed bakery and restaurant Sarabeth’s Kitchen is located at the base of 381 Park Avenue South.
ATCO is a real estate investment and ownership platform deploying capital in select cities across the United States, with a particular emphasis on value-add opportunities in urban locations. We seek to improve people’s lives by creating places that they genuinely want to work, play, or live, and by doing our work with a long-term perspective.
Through eight decades and four generations, ATCO has owned, managed, and developed a diverse real estate portfolio, primarily in and around New York City and also in select markets we target. ATCO presently owns and manages more than 20 buildings ranging from high-rise office and residential towers to retail properties, from one-story industrial structures to high tech flex buildings. The portfolio of New York City properties includes: 555 Fifth Avenue, 40 Central Park South, 41 West 58th Street, 630 Third Avenue, 381 and 373 Park Avenue South. Nationally, the company owns properties in Austin, Texas; Chapel Hill and Charlotte, North Carolina; Indianapolis, Indiana; Darien, Stamford and Westport, Connecticut; Baltimore, Maryland; and Orlando, Florida. Internationally, ATCO has investments in seven European countries.