As leasing activity in the technology, advertising, media and information (TAMI) sector continues unabated in Midtown South, ATCO Properties & Management reports that a prominent shared office provider will be joining the growing tenant roster at 373 Park Avenue South, a 12-story, boutique office building in the Flatiron District.
Knotel Inc., the network of custom locations that provides modern businesses with adaptable headquarters, has signed a lease for 17,464 square feet of space at the 102,552 square-foot property, which is located between East 26th and 27th Streets. The new lease commences in August 2017 and encompasses the entire 6th and 9th floors.
“This transaction speaks volumes about the emergence of 373 Park Avenue South as a destination for TAMI companies,” said Kate Goodman, co-president of ATCO Properties & Management. “Knotel is such a company, and we’re confident that they will benefit from our building’s outstanding location and best-in-class connectivity.”
Knotel’s new lease follows an impressive surge of leasing activity at 373 Park Avenue South. Over the last 12 months, ATCO has achieved more than 20,000 square feet of transactions at the property, including notable new tenants such as upscale co-working organization NeueHouse and French bakery company Masion Kayer.Other major tenants include Hanky Panky, Advanced Focus and Deetown Music. The building is also home to retail tenant Dos Caminos, a modern Mexican restaurant and lounge.
Constructed in 1910, 373 Park Avenue South is located just steps from Madison Square Park and several subway lines, including the N, R, Q and 6 trains.
Kate Goodman of ATCO Management Services, LLC represented the landlord in the 10-year leasing transaction, while Eugene Lee, from Knotel represented the tenant. Asking rent was $62 per square foot.
About ATCO
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. ATCO is currently deploying capital through a joint venture program with family offices and other private capital, focused on urban office and retail properties.Target markets include the Central Business Districts of Austin, Nashville, Charlotte, and Raleigh-Durham-Chapel Hill, and the metro New York area.
For over eight decades, ATCO has owned, managed, and developed a diverse real estate portfolio, primarily in and around New York City, and provided a range of services to other real estate owners. The company is in its fourth generation of family ownership, and 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, 515 Madison Avenue and the Atlas Terminals. Nationally, the company owns properties in Austin, Texas; Chapel Hill, North Carolina; Indianapolis, Indiana; Darien, Stamford and Westport, Connecticut; Baltimore, Maryland; and Orlando, Florida. Internationally, ATCO has investments in seven European countries.
