RFR is packing more tenants into 475 Fifth Avenue, nudging the Bryant Park office tower closer to full occupancy after inking two new leases and two expansions that together add roughly 26,581 square feet. The fresh commitments include a full-floor deal with software firm Eoch and a sizable expansion by United Atlantic Capital, layering onto a tenant roster that already features Penske Media and Stantec. The activity points to steady demand for finished, character-rich office space in Midtown.
To feed that demand, RFR rolled out a design-forward, high-end pre-built program last year that now spans about 31,398 square feet across five suites, many offering private terraces and premium finishes. “These pre-built spaces are ideal for tenants seeking workspaces with distinctive architectural elements combined with permanently protected views of Bryant Park and Fifth Ave.,” AJ Camhi of RFR said. Those program details were reported by New York Real Estate Journal.
The latest round of leasing includes Harkness Capital Partners’ seven-year, 8,013-square-foot, full-floor pre-built deal and Jellycat’s five-year, 4,319-square-foot commitment. Eoch Software took a full-floor top-level lease of 4,142 square feet with 18.5-foot ceilings, while United Atlantic Capital signed a nine-year renewal that more than doubled its footprint to 10,107 square feet. Taken together as two new leases and two expansions, the transactions add roughly 26,581 square feet and pushed the property to about 92 percent occupied, according to Commercial Observer.
Building and amenities
475 Fifth Avenue is a 275,000-square-foot, 24-story pre-war office building at the corner of Fifth Avenue and East 41st Street, completed in 1926 and renovated in 2013. The property features six activated outdoor terraces, a newly renovated statement lobby designed by Swanke Hayden Connell, and protected views of Bryant Park and the New York Public Library, per the landlord’s property listing. RFR’s listing also shows current availabilities and names AJ Camhi, Paul Milunec and Rob Weller as the leasing contacts for the building.
What the deals signal
Asking rents disclosed for the recent transactions landed in the roughly $95 to $115 per square foot range, with United Atlantic’s renewal cited at about $98 per square foot, suggesting landlords can still command premium pricing for polished, move-in-ready product in Midtown. Those rent ranges and terms were reported by Commercial Observer. The latest activity builds on prior anchor renewals and expansions at the property, including large commitments by Stantec and Penske Media noted in trade coverage.
For RFR, the brisk uptake of pre-built suites appears to validate a strategy centered on turnkey, design-forward spaces that appeal to a wide mix of tenants. The landlord’s property listing highlights the remaining turn-key availabilities and identifies RFR’s in-house leasing team as the brokers on the recent deals, per the building listing on RFR’s site.
