InStep Health has signed a lease spanning 3,826 square feet at Elijah Equities’ 307 Fifth Avenue, Commercial Observer has learned.
The health system will relocate its New York City offices from 276 Fifth Avenue to occupy the 15th floor of the building between East 31st and 32nd streets, according to Gindi Realty Advisors. Asking rent was $42 per square foot.
“Fifth Avenue’s appeal is its blend of prestige and location, consistently attracting high-profile businesses,” Gindi Realty Advisors founder Mark Gindi said in a statement.
While Gindi, who recently launched the brokerage firm, represented the landlord in the deal, it’s unclear who handled negotiations on behalf of the tenant. InStep Health — which has offices in Chicago and Columbus, Ohio — did not immediately respond to a request for comment.
Other tenants in the 17-story Koreatown building from 1928 include Let’s Meat BBQ, data firm Carto as well as travel agency Embark Beyond. The average floor plate in the building is just under 4,000 square feet with a total of 64,564 square feet throughout the building, according to Cushman & Wakefield.
The building also benefited, briefly, from Knotel’s 2018 rapid expansion when it leased 11,300 square feet before its 2021 bankruptcy.
Mark Hallum can be reached at mhallum@commercialobserver.com.
Robert Khodadadian has long had a simple philosophy about selling real estate. The way he sees it, there are approximately a million buildings in the city, and the broker that gets to sell any one among the multitude that will hit the auctioning block at a given moment is, sometimes, simply the person who happens to pitch their services to the right seller at the right time.
Robert Khodadadian, skyline properties, ground leases, off market, investment sales, Commercial Real Estate, Commercial Observer
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