24 Hour Local Real Estate News

Breather Continues NYC Expansion With Fifth Avenue Lease

220 Fifth Ave. 220 Fifth Ave.

NEW YORK CITY—On-demand office space provider Breather is expanding its presence in the city and will soon be opening a new location at 220 Fifth Ave.

Breather, which operates more than 450 spaces in 10 cities in the US, Canada and the United Kingdom, signed a five-year lease at 220 Fifth Ave. and will be occupying a part of the third floor in the fall of this year. The firm boasts an on-demand network of more than 150 meeting spaces in the city including locations in the Financial District, Union Square and in Brooklyn.

The property is owned by Stellar Management and Imperium Capital, which acquired the leasehold interest in the 20-story office building for $120 million in March of this year. Located on the corner of 26th Street and Fifth Avenue, the circa 1912 building was formerly known as the Croisic Building.

“New York is one of the most competitive office markets in the country,” says Hank Jonap, Breather’s head of real estate. “We’re proud to partner with owners like Stellar Management, who recognize the value we add to their portfolio and are committed to offering their tenants flexible workspace solutions.”

The nearly 160,000-square-foot building with its Neo-Gothic architecture is currently undergoing an extensive capital improvement program that when completed will feature a fully renovated lobby as well as updated and modernized building systems. The building ownership reports there are currently five full floors available for lease comprising approximately 9,000 rentable square feet each.

“Breather offers an attractive service that we see bringing a sense of collaboration and a fresh dynamic to the Midtown South area,” says Matthew Lembo, a principal at Stellar Management. “We are excited to have them as a tenant and ultimately see them as an amenity for the entire building.”

Ramsey Feher of CBRE represented Breather while Brian Waterman, Andrew Peretz, David Malawer and Brent Ozarowski of Newmark Knight Frank represented the building ownership.

 

Copyright 2017. ALM Media Properties, LLC. All rights reserved.