NEW YORK CITY-Alvin Dworman's ADCO Group will be occupying the entire third floor at 450 Park Ave. The 86-year-old real estate executive signed a deal for 10,800 square feet at the property located between East 56th and East 57th streets.
ADCO will sublease the space on the third floor for two-and-a-half years from Falconhead Capital, then take the space for three-and-a-half years from building owner Somerset Partners, according to Crain's New York Business.
"This is an office that reflects the fact that Alvin Dworman still has a very active business and a substantial presence in the real estate industry," says Bruce Mosler, Cushman & Wakefield's chairman of global brokerage, who arranged the deal for ADCO in partnership with Cushman broker Mark Mandell. Newmark Grubb Knight Frank New York area president David Falk and broker Peter Shimkin represented Somerset Partners in the transaction. See story in Crain's New York Business.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
