ATCO Properties & Management leases total 12,000 square feet at the boutique building in the heart of Midtown South
ATCO Properties & Management announced today that Lee & Low Books, has signed a new 5,844-square-foot office lease at 381 Park Avenue South and Goldstein, Rikon, Rikon & Levi, PC and Forefront Communications have renewed their leases at the building.
Founded in 1991 by Chinese Americans Philip Lee and Thomas Low, Lee & Low Books is the largest multicultural children’s book publisher in the United States. The family-run and minority-owned independent publishing company with a mission of “about everyone – for everyone,” works to actively address the lack of diversity in children’s books in the marketplace and makes a special effort to work with unpublished authors of color. As part of the 3-year lease, Lee & Low Books will relocate from 95 Madison Avenue and occupy part of the 14th floor at 381 Park Avenue South in the second quarter of 2024.
Goldstein, Rikon, Rikon, & Levi’s roots trace back to 1923 when Samuel and Nathan Goldstein founded a law firm focused on aggressively protecting the constitutional rights of people whose property had been forcibly acquired by condemnation or eminent domain. The boutique law firm, which today represents the merger of three of the foremost firms in this practice area, has signed a 5-year renewal for the 4,409-square-foot space it has occupied on the 9th floor (suite 901) of the property since 2014.
Founded in 2016, Forefront Communications is a “part PR, part content, part digital marketing, part creative” firm that specializes in fintech and capital markets clients. The agency completed a 3-year renewal for the 1,824-square-foot space on the 7th floor that it has occupied since 2019.
“We are pleased to welcome independent children’s book publisher Lee & Low Books to 381 Park Avenue South and appreciative that leading eminent domain law firm, Goldstein, Rikon, Rikon & Levi PC and strategic communications agency, Forefront Communications, have chosen the property again,” said Kate Hemmerdinger Goodman, co-president at ATCO Properties & Management. “Our ability to provide tenants with high-quality space and exceptional service make the building an attractive destination for companies seeking a home in the desirable Flatiron District.”
These deals further extend the 17-story building’s recent leasing momentum. Last month, ATCO announced Eton Inc., a full-service menswear company, signed a 5,000-square-foot lease at the building. Additionally, in January Caudalie Inc., a French skincare company, announced it was establishing a 14,000-square-foot U.S. headquarters at the property.
Robert Tunis, Kyle Berlinsky and Joseph Mangiacotti of Colliers represented building ownership in the Lee & Low Books and Goldstein, Rikon, Rikon, & Levi, PC transactions. Kate Hemmerdinger-Goodman represented building ownership in the Forefront Communications lease. On the tenant side, David Kahane of DAK Commercial Realty, LLC represented Goldstein, Rikon, Rikon, & Levi, PC. The asking rent for all three deals was $62 per square foot.
381 Park Avenue South was built in the early 1900’s and offers sunny exposures and flexible floorplates. Boasting 228,000 square feet of office space, the boutique property sits just steps from Madison Square Park and several subway lines, including the N, Q, R and 6 trains.
Other prominent office tenants in the building include FGS Design LLC, Two Sticks 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.
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 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.
