{"id":1004697751,"date":"2024-01-15T06:50:26","date_gmt":"2024-01-15T14:50:26","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004697751"},"modified":"2024-01-16T01:37:33","modified_gmt":"2024-01-16T09:37:33","slug":"atco-secures-new-tenant-at-manhattan-tower","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/atco-secures-new-tenant-at-manhattan-tower\/","title":{"rendered":"ATCO Secures New Tenant at Manhattan Tower"},"content":{"rendered":"<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a0b6e67549b0&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-medium is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004697761\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/atco-secures-new-tenant-at-manhattan-tower\/381-park-avenue-south\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/381-park-avenue-south-e1705317958328.jpg\" data-orig-size=\"640,480\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"381-park-avenue-south\" data-image-description=\"&lt;p&gt;381 Park Avenue South&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;381 Park Avenue South. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/381-park-avenue-south-e1705317958328.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"225\" width=\"300\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/381-park-avenue-south.jpg?w=240\" alt=\"\" class=\"wp-image-1004697761\" style=\"width:400px\"\/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">The office building at 381 Park Ave. S. comprises 228,000 square feet of space. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p><strong>ATCO Properties &amp; Management <\/strong>has signed a 14,000-square-foot lease with French skincare company <strong>Caudalie<\/strong> <strong>Inc<\/strong>. at 381 Park Ave. S., a 228,000-square-foot office building in Manhattan\u2019s Gramercy Park submarket. <strong>Colliers <\/strong>negotiated on behalf of the landlord, while <strong>M&amp;M Retail Luxury Consulting<\/strong> <strong>Inc<\/strong>. represented the tenant. The deal closed at an asking rent of $69 per square foot.<\/p>\n\n\n\n<p>The tenant will relocate its U.S. headquarters from 70 W. 36th St. and will occupy a full floor at the 17-story building for the next 10 years and four months. Other tenants at the property include PreZenDental, Valerio Architects, Warren Systems Group, Allergy &amp; Asthma Care of New York, Strategic Communications Group, Margules Properties and Fluent Productions, among others, according to CommercialEdge data.<\/p>\n\n\n\n<p>Completed in 1910, the mid-rise office building underwent cosmetic renovations in 2003 and features six passenger elevators, floorplates between 730 and 14,000 square feet, along with 9,560 square feet of ground-floor retail space. Its sister building is 373 Park Ave. S., a 12-story property totaling 110,000 square feet.<\/p>\n\n\n\n<p>The building at 381 Park Ave. S. is close to Madison Square Park, in an area with several subway and bus stations. The location is 2 miles from Lower Manhattan, 4 miles from Upper West Side, 6 miles from Brooklyn, N.Y., and within 15 miles of John F. Kennedy International Airport. <\/p>\n\n\n\n<p>M&amp;M Retail Luxury Consulting\u2019s Jonathan Moss represented Caudalie. Collier\u2019s team of Vice Chairman Robert Tunis, Associate Kyle Berlinsky and Managing Director Joseph Mangiacotti negotiated on behalf of the landlord.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-listing-rates-decrease-in-manhattan\">Listing rates decrease in Manhattan<\/h2>\n\n\n\n<p>As of November, Manhattan remained the priciest U.S. market in terms of office rents, with an average of $70.78 per square foot, marking a 5.3 percent decrease year-over-year, according to a<a href=\"https:\/\/www.commercialsearch.com\/news\/office-sector-faces-surging-loan-defaults-amidst-market-challenges\/\"> recent CommercialEdge report<\/a>. The vacancy rate hit 17.4 percent, below the national figure of 18.2 percent and the second highest among Northeastern markets after New Jersey&#8217;s 19.4 percent.<\/p>\n\n\n\n<p>One of the <a href=\"https:\/\/www.commercialsearch.com\/news\/fisher-brothers-jv-closes-largest-office-lease-of-2023\/\">largest office deals of 2023<\/a> closed in Midtown Manhattan. Law firm Paul, Weiss, Rifkind, Wharton &amp; Garrison LLP signed the 765,000-square-foot, 20-year lease with owners Fisher Brothers and institutional investors advised by J.P. Morgan Global Alternatives.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A French skincare company will relocate its U.S. headquarters to the property.<\/p>\n","protected":false},"author":2991,"featured_media":1004697761,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[38152,35498],"class_list":["post-1004697751","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-atco-properties","tag-colliers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>ATCO Secures New Tenant at Manhattan Tower - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"ATCO Properties &amp; Management signed a 14,000-square-foot lease at a 228,000-square-foot office building in Manhattan.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/atco-secures-new-tenant-at-manhattan-tower\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ATCO Secures New Tenant at Manhattan Tower\" \/>\n<meta property=\"og:description\" content=\"ATCO Properties &amp; Management signed a 14,000-square-foot lease at a 228,000-square-foot office building in Manhattan.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/atco-secures-new-tenant-at-manhattan-tower\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2024-01-15T14:50:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-01-16T09:37:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/381-park-avenue-south-e1705317958328.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"480\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/atco-secures-new-tenant-at-manhattan-tower\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/atco-secures-new-tenant-at-manhattan-tower\/\",\"name\":\"ATCO Secures New Tenant at Manhattan Tower - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/atco-secures-new-tenant-at-manhattan-tower\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/atco-secures-new-tenant-at-manhattan-tower\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/381-park-avenue-south-e1705317958328.jpg\",\"datePublished\":\"2024-01-15T14:50:26+00:00\",\"dateModified\":\"2024-01-16T09:37:33+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/4659e2337f06b61cefc6b0b897d183a4\"},\"description\":\"ATCO Properties & Management signed a 14,000-square-foot lease at a 228,000-square-foot office building in Manhattan.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/atco-secures-new-tenant-at-manhattan-tower\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/atco-secures-new-tenant-at-manhattan-tower\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/atco-secures-new-tenant-at-manhattan-tower\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/381-park-avenue-south-e1705317958328.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/01\/381-park-avenue-south-e1705317958328.jpg\",\"width\":640,\"height\":480,\"caption\":\"381 Park Avenue South. 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