Olmstead Properties continues leasing momentum at 381 Park Ave. South with 9,946 s/f of new office leases

Manhattan, NY Olmstead Properties closed two new office leases totaling 9,946 s/f at 381 Park Ave. South, bringing leasing activity across its recently acquired 373 and 381 Park Ave. South properties to 99,000 s/f of office and retail leasing activity in just eight months and underscoring the firm’s repositioning strategy for the Midtown South portfolio.

The transactions include a 10-year, six-month lease by global landscape architecture, planning and urban design firm SWA Group for 5,789 s/f on a portion of the 12^th floor, relocating from 31 W 27^th St.

On The Right Track Systems and Riveria Investment Group also signed a seven-year, six-month lease for 4,157 s/f on a portion of the 10^th floor, relocating from 99 Park Ave.

Although the terms of the transactions were not disclosed, asking rents for the space was $75 per s/f.

The leases build on the property’s continued leasing momentum. Ownership has four additional leases totaling 17,000 s/f pending signature and will deliver five newly built prebuilt office suites next month to meet continued tenant demand.

The transactions follow the completed lease with Stout NYC, which signed 14,000 s/f across the entire ground floor and lower level at neighboring 373 Park Ave. South. The popular New York City sports bar and restaurant further activate the property’s retail presence and complements Olmstead’s broader repositioning strategy for its Park Ave. South portfolio.

“Leasing approximately 95,000 s/f across 373 and 381 Park Ave. South in just eight months reflects the success of our investment strategy for these buildings,” said Steve Marvin, executive managing director at Olmstead Properties. “Companies continue to respond to thoughtfully designed prebuilt suites, upgraded common areas and an ownership team that moves quickly. With additional transactions in the pipeline, we’re excited about the continued momentum at both properties.”

Steve Marvin and Jonathan Bock of Olmstead Properties represented ownership in both transactions. Janet Liff of J. Liff Co. represented SWA Group. Arash Sadighi and Tyler Ruggieri of Venture Commercial NYC, together with Alan Rosinsky of Metro Manhattan Office Space, represented On The Right Track Systems and Riveria Investment Group.

Located south of Madison Square Park, 381 Park Ave. South is one of two repositioned office properties in Olmstead Properties' Park Ave. South portfolio, alongside neighboring 373 Park Ave. South.  The 17-story, 244,000 s/f office building offers suites ranging from approximately 1,200 s/f to full floors of 14,700 s/f.  The property provides tenants with access to the Flatiron District, NoMad and Midtown, along with multiple subway lines, Penn Station and Grand Central Terminal.  Recent capital improvements include upgraded common areas and the rollout of speculative office suites designed to provide occupancy for growing companies.