New FIMALAC Tenant Takes Two Floors in Plaza District Boutique Office
“Despite the trying times we’re living in now, the successful completion of this deal is proof of Manhattan’s office sector resilience, says Ted Koltis.
NEW YORK—French holding company FIMALAC has secured a tenant for two floors at its boutique office located at 693 Fifth Ave., in New York’s Plaza District.
Ted Koltis, president of the Eastern Region’s Agency Practice, a Colliers agency team, handled the property’s leasing.
The tenant is advertising agency Jellyfish, which has signed on for a eight-year deal.
Located steps away from Rockefeller Center and Central Park, 693 Fifth Ave., is a 20-story, 105,000-square-foot office-and-retail building that was originally built in 1993. For years it served as the New York flagship of Japanese retailer Takashimaya. In 2010, the building underwent a multi-million-dollar renovation upon its acquisition. Its tenants include international luxury fashion firms, Valentino, Escada and Bugatchi Uomo.
“Despite the trying times we’re living in now, the successful completion of this deal is proof of Manhattan’s office sector resilience,” Koltis says in prepared remarks. “Moving forward, I expect you will see more leases in these sort of boutique properties with smaller firms looking to expand into larger spaces to ensure their teams can work safely in a socially distant way.”
In addition to Koltis, the Colliers team included Cryder Bancroft, Tiffany Benton and Damla Barrett. Colliers was hired by FIMALAC in January and was able to complete this transaction on behalf of ownership in under six months.