Manhattan, NY According to Empire State Realty Trust (ESRT), Argo Group has signed a new full-floor, 30,002 s/f lease office space at 501 Seventh Ave.
Owen Hane and Kevin Duffy of JLL represented Argo Group. Owner representation was provided by Keith Cody and Ryan Kass of ESRT, and Ron Lo Russo, Patrick Murphy, Pierce Hance, Heather Thomas, and Will Yeatman of Cushman & Wakefield.
“Argo Group employees will have peace of mind in a healthy building equipped with MERV 13 filters, active bi-polar ionization, and increased ventilation,” said Thomas Durels, executive VP, real estate for ESRT.
At the corner of 37th St. and Seventh Ave., 501 Seventh Ave. provides tenants with access to Penn Station, Grand Central Terminal, subway lines, and nearby shopping, dining, and lodging. The building’s tenant roster includes Captivate and PVH.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,