New York Real Estate Journal

The Feil Organization signs three leases at 551 Fifth Ave.

March 12, 2024 - Brokerage

Manhattan, NY The Feil Organization signed three leases spanning 15,000 s/f at 551 Fifth Ave., also known as the Fred F. French Building. Each lease encompasses the property’s pre-built space on the 18th floor with high-end finishes. The deals include two new leases signed by Empirical Research Partners, LLC and Valla Morrison & Schachne Inc., P.C., along with The Bahamas Ministry of Tourism, an existing tenant that expanded its footprint.

“Embracing innovation, understanding our tenant’s needs, and exceeding expectations are the foundation of the Feil approach,” said Andrew Wiener, head of commercial leasing at the Feil Organization. “These three leases at 551 Fifth Ave. each showcase our new, pre-built designs which provide the ideal office environment for a wide range of businesses.”

Details on the leases are: 

• Empirical Research Partners, LLC, a broker-dealer and investment adviser, signed a 7,464 s/f lease for four years. The firm was represented by JP Krahmer of Avison Young. 

• Valla Morrison & Schachne Inc., P.C. signed a 4,297 s/f lease for five years. The international business law firm was represented by Matt Etlinger of Cushman & Wakefield. 

• The Bahamas Ministry of Tourism, an existing tenant, signed a lease for 3,329 s/f for five years, marking a 940 s/f expansion from its existing 2,389 s/f space. The organization was represented by Brett Rovner of The Ashtin Group.

The Feil Organization is pre-building the 17th floor of 551 Fifth Ave. into three additional finished units, each of which will offer a private terrace. Construction is expected to be completed in July. Feil is also installing new passenger and freight elevators, which is expected to be completed in early 2025.

551 Fifth Ave., also known as the Fred F. French building, is a class-A office skyscraper in Midtown. Completed in 1927, the building is a New York City designated landmark and was added to the National Register of Historic Places in 2004. The Art Deco design by Sloan & Robertson was restored in the early 1990s. 

The landlord was represented in-house by Andrew Wiener, Kevin Driscoll and Henry Korzec in each transaction.