Adams & Co. brokers two leases in Manhattan totaling 27,909 s/f

Manhattan, NY Adams & Co. Real Estate, LLC completed a 16,909 s/f lease at 53 West 23^rd St. for Betterment Holdings Inc. The automated investment company is opening a new office spanning the entire fourth floor of the Midtown South building.

James Buslik, Alan Bonett and Brad Cohn of Adams & Co. represented the landlord, Twenty Three R.P. Associates, in the transaction. Michael Mathias of Savills Studley, Inc. represented the tenant. Although the full details of the transaction were not disclosed, asking rent was $66 per s/f.

“At 53 West 23rd St. the landlord invested $3 million in renovations, which included the creation of a new lobby. The expanded and restored lobby has been attracting dynamic, established tenants like Betterment Holdings,” said Buslik, principal of Adams & Co. “In addition, the property provided an ideal second office for the investment company right next to its headquarters at 61 West 23rd Street. That allowed the firm to keep its location consolidated in Midtown South, the ideal location for recruiting and retaining a growing staff.”

Built in 1915, 53 West 23rd St. is a 12-story building located between Fifth and Sixth Aves. The property underwent a major lobby transformation earlier this year, expanding the existing space and restoring segments of the original terracotta entrance with ornate details. Notable office tenants include Flywheel, W.B. Mason, New York Presbyterian Hospital and 4 Kids Entertainment, with P.C. Richard & Son in the property’s retail space.

Betterment Holdings is a smarter, automated investing service that helps people grow and manage their wealth. The company uses an investment portfolio to get its customers a return that averages 4.3% higher than do-it-yourself investments.

Additionally, Adams & Co. brokered an 11,000 s/f renewal at 411 Fifth Ave. for Enstar Group Limited.  The company, which acquires and manages insurance and reinsurance companies, will occupy the fifth floor of the Midtown building.

Adams & Co. principal David Levy represented the landlord, 411 Fifth Avenue Associates, in the transaction. Frank LaPera and John Gray of Cushman & Wakefield, Inc. represented the tenant. Though final lease terms were not disclosed, the asking rent was $55 per s/f.

“Tenants are reevaluating their office spaces as they gear up for the start of a new business year. At 411 Fifth Avenue, our tenants have largely been renewing due to the building’s central location and spacious floor plans,” said David Levy. “To that point, Enstar, renewed its lease for an additional five years. The insurance company is drawn to the easy transportation afforded by the nearby train, subway and bus offerings all located within walking distance of the property.”

Constructed in 1915 by the renowned architecture firm Warren & Wetmore, 411 Fifth Ave. is situated between East 37^th and 38^th St. The 11-story property features an ornate stone exterior and a grand entrance. Notable tenants include E. Gluck Corp., Melissa and Doug, Bollman Hat Company and Citibank

Enstar Group Limited entered the insurance industry in 1993 to acquire and manage insurance and reinsurance companies.The company utilizes leading market strategies to provide management, consulting and other services such as litigation support and portfolio management.