Laidlaw & Co. to Relocate NYC Offices

By Jeff Hamann

521 Fifth Avenue

Laidlaw & Co. has signed a 10-year lease with SL Green Realty Corp. for 20,987 square feet at 521 Fifth Avenue in Midtown Manhattan. The investment banking and brokerage firm will vacate its office at 546 Fifth Avenue and fully occupy the 12th floor of the 39-story building in the second quarter of 2018. The Class A office building has a vacancy rate of 7.7 percent as of November, according to Yardi Matrix.

Located at the corner of Fifth Ave. and East 43rd St., the property is situated one block from the IRT Flushing Line and alongside multiple bus routes. The tower’s office tenants include ChinaTrust Commercial Bank, McGraw Communications and Financial Guaranty Insurance Co. Urban Outfitters, an Equinox fitness center and a pizzeria occupy the building’s first two floors of retail. The property was built as the Lefcourt National Building in 1929 and was renovated in 2008.

“Fifth Avenue continues to be a premier business address and buildings like 521 Fifth Avenue, which are centrally-located, convenient to mass transit and have the benefit of institutional ownership will continue to outperform the market,” said Steven Durels, executive vice president of SL Green, in a prepared statement.

A joint venture of SL Green, Quantum Global and LaSalle Investment Management own the building, with SL Green managing the property. A Colliers International team led by Jonathan Plotkin and Tim Pond represented Laidlaw & Co. in the lease transaction, with Cushman & Wakefield’s Tara Stacom, Barry Zeller, Justin Royce and Pierce Hance representing the landlord.

Image courtesy of Yardi Matrix