The Winter Organization just put some real weight behind Midtown South, landing two office leases at its conjoined Flatiron buildings that most landlords would kill for right now. Fintech heavyweight Adyen is taking roughly 90,000 square feet across 111 and 115 Fifth Avenue, while energy investor Galvanize Climate Solutions is signing on for about 20,000 square feet next door. Both deals are long term, both are priced above the neighborhood average, and together they give landlord David Winter a rare block-size win in a market that has been anything but easy.
Adyen Locks In Contiguous Space Across 111 to 115 Fifth
Adyen’s lease covers the connected fourth floors of 111 and 115 Fifth Avenue, plus the fifth floor at 111, on a 10-year term with an asking rent near $89 per square foot, according to Commercial Observer. JLL brokers Justin Haber and Kyle Riker represented Adyen, while Newmark’s David Falk, Rob Silver and Anthony Sciacca handled the assignment for the Winter Organization, the outlet reported. The real prize is the contiguous fourth floor plate, which gives Adyen a clean, efficient footprint that operates across two addresses without the usual patchwork of split floors and awkward corridors.
Galvanize Takes 20,000 Square Feet Next Door
On a separate deal, Galvanize Climate Solutions signed for about 20,000 square feet at 111 Fifth Avenue on a lease that matches Adyen’s term and asking rent, The Real Deal reported. JLL’s Greg Wang and Kristen Morgan represented Galvanize, while the same Newmark team again took the landlord seat, according to the outlet. The footprint may be smaller, but the commitment adds an energy-focused corporate tenant to a block that has increasingly filled up with tech and marketing outfits.
Flatiron Context
At 111 Fifth Avenue, tech firm Radar Labs is already in place, while 115 Fifth counts marketing consultancy Prophet among its tenants, Commercial Observer noted. The Winter Organization has been steadily working its Fifth Avenue holdings, and these latest leases show how upgraded, contiguous floor plates are managing to pull corporate users back into Midtown South. Brokers say truly move-in ready, efficient layouts are still hard to find in the area, which goes a long way toward explaining why tenants are agreeing to pay a premium.
What It Means For The Market
Across Manhattan, firms signed roughly 11.8 million square feet of office space in the first quarter of 2026, and average asking rent hit about $77.55 per square foot, according to Colliers data cited by The Real Deal. The Adyen and Galvanize leases, reported at asking rents near $89 per square foot, sit comfortably above that borough-wide average and signal that tenants will still pay up when the space checks enough boxes. If more owners can rework or modernize their floors to deliver similar contiguous layouts, Midtown South could see more of this kind of activity.
For now, the two deals give the Winter Organization a clean leasing headline and nudge the Flatiron vacancy story a bit closer to stabilization. Landlords and brokers will be watching closely to see whether this appetite for contiguous, high-quality space carries through the rest of the spring leasing cycle.
