Investment Management Firm Leases a Portion of the 11th Floor at the 210,000 SF Property
ATCO Properties & Management announced today that investment management firm Richmond Hill Investment Co. has finalized a five-year, 4,438 square-foot lease at 381 Park Avenue South, a boutique 17-story, 210,000 square-foot office property in the Flatiron District.
Under the new transaction, Richmond Hill Investment Co. will occupy a portion of the 11th floor of the building, which is located on Park Avenue South between 26th and 27th Streets. The firm is currently located at 375 Hudson Street and plans to take occupancy at 381 Park Avenue South in early fall 2021.
“We are thrilled to welcome Richmond Hill Investment Co. to our building at 381 Park Avenue South,” said Kate Hemmerdinger-Goodman, Co-President of ATCO Properties & Management. “The company was seeking new offices with great light and a cohesive layout. Given that the space is located in the front of the building with windows on three sides, it was an ideal fit for the firm’s business needs.”
William Carr, Managing Director, and John Cinosky, President, of Atco Brokerage Services represented the landlord in the transaction, while Evan Fiddle, Senior Vice President of CBRE, represented the tenant. Asking rent was $59 per square foot.
Situated at the epicenter of the Flatiron District’s creative community, 381 Park Avenue South is located near several subway lines, including the N, R, Q and 6 trains. Other major tenants in the building include Stephen B. Jacobs Group, Goldstein, Rikon, Rikon & Houghton, P.C., Fuze Inc., and Superfly Productions. The building is also home to famed bakery and restaurant Sarabeth’s Kitchen, which opened in 2012.
Richmond Hill’s arrival continues the strong leasing momentum at 381 Park Avenue South. ATCO has recently completed five lease renewals at the building over the last 12 months. They include: social media analytics firm ListenFirst Media (10,439 square feet) and Vintage Group (10,439 square feet) on the 4th floor; consulting firm Secretariat Advisors LLC (3,974 square feet) on the 8th floor; literary scouting company Maria B. Campbell, Inc. (2,957 square feet on the 13th floor; and intercultural training organization RW3 CultureWizard (2,303 square feet) on the 10th floor.
ATCO has also completed leases for new arrivals at 381 Park Avenue South such as investment advisor Industrial Development Funding (1,279 square feet) on the 11th floor, and Two Sticks, Inc. (1,521 square feet) on the 13th floor.
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 creating value through placemaking and other strategies in urban locations. ATCO seeks to improve people’s lives by creating places where 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 25 buildings ranging from high-rise office and residential towers to retail properties, from one-story industrial structures to a mixed-use former military base. 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 Charlotte and Chapel Hill, NC; Austin, Texas; Indianapolis, Indiana; Darien, Stamford and Westport, Connecticut. Internationally, ATCO has investments in seven European countries.
