ATCO Properties & Management has signed a 14,000-square-foot lease with French skincare company Caudalie Inc. at 381 Park Ave. S., a 228,000-square-foot office building in Manhattan’s Gramercy Park submarket. Colliers negotiated on behalf of the landlord, while M&M Retail Luxury Consulting Inc. worked on behalf of the tenant. The deal closed at an asking rent of $69 per square foot.
The tenant will relocate its U.S. headquarters from 70 West 36th St. and will occupy a full floor at the 17-story building for the next 10 years and four months. Other tenants at the property include PreZenDental, Valerio Architects, Warren Systems Group, Allergy & Asthma Care of New York, Strategic Communications Group, Margules Properties and Fluent Productions, among others, according to CommercialEdge data.
Built in 1910, the mid-rise office building underwent cosmetic renovations in 2003 and features six passenger elevators, floor plates between 730 and 14,000 square feet, along with 9,560 square feet of ground-floor retail space. The property’s sister building is 373 Park Ave. S., a 12-story property totaling 110,000 square feet.
381 Park Ave. S. is close to Madison Square Park, in an area with several subway and bus stations. The building is 2 miles from Lower Manhattan, 4 miles from Upper West Side, 6 miles from Brooklyn, N.Y. and within 15 miles of John F. Kennedy International Airport.
M&M Retail Luxury Consulting, Inc.’s Jonathan Moss represented Caudalie. Collier’s team of Vice Chairman Robert Tunis, Associate Kyle Berlinsky and Managing Director Joseph Mangiacotti negotiated on behalf of the landlord.
Listing rates decrease in Manhattan
As of November, Manhattan remained the priciest U.S. market in terms of office rents, with an average of $70.78 per square foot, marking a 5.3 percent decrease year-over-year, according to a recent CommercialEdge report. The vacancy rate hit 17.4 percent, below the national figure of 18.2 percent and the second highest among Northeastern markets after New Jersey’s 19.4 percent.
One of the largest office deals of 2023 closed in Manhattan. The 765,000-square-foot, 20-year lease was signed by law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP with owners Fisher Brothers and institutional investors advised by J.P. Morgan Global Alternatives.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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