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Olmstead Properties and investment platform Vertex have secured more than 67,000 square feet of new leases at 373 and 381 Park Avenue South as they begin an extensive repositioning of the two office buildings in the Flatiron District. The recent activity includes commitments from residential real estate brokerage The Corcoran Group and artificial intelligence company Stuut Inc., both of which are taking space at the properties under separate lease agreements.
According to ownership, the leases account for roughly 20% of the available space across the two buildings and were completed within four months of the assets’ acquisition. The owners indicated that this early traction reflects tenant interest in the properties as upgrades move forward and newly built prebuilt office suites are introduced to the market.
The Corcoran Group has signed a 14,710-square-foot lease at 381 Park Avenue South. The brokerage plans to relocate from its current nearby location at 387 Park Avenue South under an 11-year lease, with occupancy targeted for summer 2026. Corcoran was represented in-house by Paul Wexler in the transaction.
In a separate deal, AI-focused firm Stuut Inc. has agreed to a 9,043-square-foot lease at 373 Park Avenue South. The company entered into a short-term agreement for its space. Tenant representation for Stuut was provided by Brandon Cooperstock and Sean Hoffman of Cushman & Wakefield.
The new leases come as Olmstead Properties and Vertex initiate a comprehensive repositioning strategy for the two adjacent buildings. Ownership is rolling out a program of building upgrades alongside the delivery of move-in-ready prebuilt office suites aimed at capturing demand from tenants seeking flexible and updated space in the Flatiron District office market.
With a mix of professional services and technology tenants committing to the buildings early in the repositioning timeline, the owners are signaling progress in their effort to stabilize occupancy and enhance the competitiveness of 373 and 381 Park Avenue South.
The post Olmstead, Vertex Sign 67K SF in Park Avenue South Repositioning with Corcoran, Stuut appeared first on CRE Market Beat.
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