Tech Firm Inks 10-Year, 3-Floor Manhattan Lease

The 20-story Class B office tower, situated in the Flatiron District, is currently undergoing significant capital improvements, expected to be complete in spring 2018.

220 Fifth Avenue in Manhattan
220 Fifth Ave. in Manhattan

Stellar Management has signed a 10-year lease with Riskified for more than 27,000 square feet in the company’s high-rise at 220 Fifth Ave. in Manhattan. Riskified, a technology firm focused on fraud prevention, has already moved into a temporary space on the tower’s 13th floor. Following the completion of major building renovations later this year, the tenant will occupy three full floors.

Located in Manhattan’s Flatiron District, the office tower sits opposite Madison Square Park. Myriad public transportation options, including the 6, F, M, N and R subway lines, serve the immediate area, providing access throughout the city. According to Yardi Matrix, Stellar acquired the Manhattan Class B office asset in March 2017 from Dino & Sons Realty Corp. and soon afterwards commenced capital improvement work.

“Riskified leasing space at 220 Fifth Ave. is another example of the technology boom in the Flatiron District,” said Adam Roman, COO & principal at Stellar, in a prepared statement. “This is further evidence that Stellar’s capital improvements campaign will resonate strongly in the marketplace; the aesthetic and infrastructure upgrades make the property highly attractive to tenants who value being in a first-rate building in one of Manhattan’s premier neighborhoods.”

A Newmark Knight Frank team led by Brian Waterman, Andrew Peretz, David Malawer and Brent Ozarowski represented Stellar in the lease transaction.

Image courtesy of Stellar Management