By Roxana Baiceanu
International WELL Building Institute has leased 9,000 square feet at a 20-story office high-rise in Manhattan’s Flatiron District. As WELL certification has been gaining ground across U.S. real estate markets, the company was seeking a new space which would reflect its culture.
Located at 220 5th Ave., the roughly 135,000-square-foot asset provides tenants with proximity to several subway lines and the PATH train. A number of attractions such as the Flatiron Building, the Shake Shak and Eataly are also located in the area. IWBI’s new pre-built office will be situated on the 8th floor of the building, two blocks from the tenant’s current location at 381 Park Ave. S.
Brian Waterman, Andrew Peretz, David Malawer and Brent Ozarowski of NKF represented landlord Stellar Management in the lease negotiations, while Michael Baraldi and Laura Pomerantz of Cushman & Wakefield worked on behalf of the tenant.
Stellar Management and Imperium Capital acquired the 1912-built property in 2017 from Dino & Sons for $50 million, according to Yardi Matrix data. Following the transaction, the new owners started a capital improvement program which includes renovating the lobby as well as modernizing building systems. The last renovations were completed in 1988.
“By definition, our team is passionate about their office surroundings and our intention is to pursue WELL certification for our space, using the opportunity to experience the benefits of WELL across every concept—air, thermal comfort, water, light, sound, materials, movement, nourishment, community and mind,” said IWBI’s chairman & CEO Rick Fedrizzi, in prepared remarks.
Image courtesy of Yardi Matrix