Strathspey Crown Gets Comfy at 570 Lexington Avenue
- Sep 25, 2015
By Veronica Grecu, Associate Editor
Strathspey Crown Holdings, a Newport Beach, Calif.-based medical and technology firm specializing in lifestyle healthcare, is expanding its footprint in New York City. The company recently signed a lease expansion for 12,000 square feet at the historic General Electric Building, a move that will almost quadruple the space it currently occupies in the 50-story building.
Back in 2013, Strathspey Crown signed a seven-year lease for 4,185 square feet of space, or the entire 26th floor of the building. With the renewed and expanded lease—which was signed for 10 years, according to the Commercial Observer—the company will occupy more than 16,000 square feet of space on the 27th, 28th and 35th floors of the building, as well as a 1,500-square-foot terrace on the 26th floor overlooking Park Avenue and St. Bartholomew’s church, which is adjacent to the building.
Reportedly, Strathspey Crown paid $75 to $78 per square foot for the leased space—that’s slightly higher than the average rent rates in the area, because the lease also includes a staircase connecting the 27th and the 28th floors.
Located at 570 Lexington Ave. in Manhattan’s Midtown South section, the General Electric Building was built in early 1930s as the RCA Victor Building, as is still one of the most distinguished skyscrapers in the city—most notably for the intricate architectural details at the crown, which suggest the power of electricity. The property is owned by the Feil Organization, a real estate investment, development and management company. Feil was represented in-house by David Turino, director of commercial leasing, while Strathspey Crown did not have a broker in this deal.
Image via the Feil Organization