From left: 590 Fifth Ave. and 597 Fifth Ave./ Photo credit: Thor Equities
NEW YORK CITY—Real estate development, leasing and management company Thor Equities has leased two Fifth Ave. properties totaling 17,600 square feet to Knotel.
At 590 Fifth Ave., Knotel leased 11,200 square feet, across two column-free floors. In addition to the building amenities, Knotel notes the location between W. 47th and W. 48th streets in Midtown appeals to its corporate tenants. The building is 95% leased office and retail property. Other tenants include Columbia University, HP of Greater NY and AT&T.
At 597 Fifth Ave., that's between E. 48th and E. 49th streets, Knotel has leased one full floor totaling 6,400 square feet. The Municipal Arts Society named the 12-story landmark building that was constructed in 1912, “A jewel on Fifth Ave.” In 2011, Thor Equities bought the 12-story structure that's also known as the Scribners Building for $99 million from A&A Acquisitions according to Real Capital Analytics.
With its rich history, distinctive façade, and architectural details, 597 Fifth Ave. is now 100% leased. Some of its other office tenants include Burma Bibas, Reclaim NY, Value Penguin Inc., Yieldstreet Inc. and Icreon Tech Inc.
“Nearby iconic New York City destinations and some of the best shopping and dining the city has to offer, these properties are easily accessible and provide a perfect location for tenants to work and play,” says Thor's chairman and CEO Joseph Sitt. “Thor is thrilled to play a role in the company's expansion and cannot wait to see what is next for Knotel.”
Leasing agents for the Fifth Ave. properties, Arthur Mirante, John Ryan, Patrick Steffens and Dominic Perkovic of Avison Young, together with Adam Lavinsky of Thor Equities represented the landlord owner. Robbie Chattah and Aziz Kabbaj of Sitt Ventures represented Knotel.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
