Stark Office Suites Elevates Manhattan Presence with 17,300 SF Lease at 717 fifth Avenue
Manhattan, NY – In a important move signaling continued growth and a commitment to premium flexible workspace, Stark Office Suites has secured a long-term lease for 17,300 square feet across the 13th and 14th floors of 717 Fifth Avenue, a reimagined boutique tower in Manhattan’s coveted Plaza District. The transaction, expertly brokered by Savills’ senior managing director Craig Lemle and vice chairman Roi Shleifer, underscores the rising demand for high-end, amenity-rich office solutions in New York City. This expansion, operating under Stark’s elevated “Excelsior” brand, positions the company to cater to a discerning clientele including family offices, CEOs, and boutique investment firms.
The Rise of Premium Flexible Office Space
The commercial real estate landscape is undergoing a dramatic shift. Conventional long-term leases are giving way to a preference for flexible office solutions, driven by factors like remote work adoption, economic uncertainty, and a desire for agility. According to a recent report by CBRE (November 2023), flexible office space now accounts for over 26% of all office space leased in Manhattan, a figure that’s projected to climb in 2024.However, it’s not just flexibility that’s in demand. Businesses are increasingly seeking spaces that offer a premium experience – a blend of refined design, robust technology, and exceptional service.This is precisely where Stark Office Suites‘ Excelsior brand excels.
“Excelsior represents a intentional step up in the flexible workspace market,” explains Adam Stark, President of Stark Office Suites. “We’re not simply providing desks and Wi-Fi; we’re crafting a distinct workplace experience that reflects the prestige and ambition of our clients. the 2024 opening at 825 Third Avenue considerably exceeded our expectations, validating our strategy and fueling this expansion into the Plaza District.”
717 Fifth Avenue: A Landmark Address
The choice of 717 Fifth Avenue is strategic. The building, benefiting from a recent multi-million-dollar renovation, offers a compelling combination of location, design, and amenities. Key features include:
* Prime Plaza District Location: Situated near Central Park, the address provides unparalleled prestige and access to the city’s finest retail, dining, and hospitality options. This proximity is a major draw for businesses seeking to impress clients and attract top talent.
* Hospitality-Inspired Design: A stunning lobby redesign by Pei Cobb freed & Partners creates a welcoming and sophisticated first impression. This focus on aesthetics is crucial in attracting businesses that prioritize brand image.
* 8,000 SF Amenity Center: Designed by MKDA,the amenity center provides tenants with a high-end tenant lounge,state-of-the-art conference facilities,and opportunities for collaboration and networking. These amenities are increasingly vital in attracting and retaining employees in a competitive labour market.
* Modern Infrastructure: Upgraded elevators, corridors, and building systems ensure a seamless and efficient work surroundings.
* branding Opportunities: Boutique tower floors allow for prominent tenant branding, enhancing visibility and reinforcing corporate identity.
Savills’ Role in Facilitating Growth
Savills’ involvement in this transaction highlights the firm’s expertise in navigating the evolving commercial real estate market. This marks the third major Manhattan lease Savills has facilitated for Stark Office Suites in the past five years, demonstrating a strong and prosperous partnership.
“This transaction underscores our long-term partnership with Stark Office Suites,” says Craig Lemle, Senior Managing Director at Savills. “We’ve been proud to support their growth, and Excelsior’s move to 717 Fifth Avenue is a testament to both their innovative business model and the enduring appeal of high-end flexible office space in New York City.”
CBRE represented the building’s landlord in the transaction.
What does This Mean for the Future of Office Space?
The Stark Office Suites expansion at 717 Fifth Avenue is indicative of a broader trend: the convergence of flexibility, premium amenities, and prime locations. Businesses are no longer willing to compromise on quality or experience when choosing office space. They want solutions that support their brand,attract talent,and foster productivity.
This trend is highly likely to continue, driving demand for sophisticated flexible workspace options in key markets like Manhattan.Expect to see further investment in building amenities, design, and technology as landlords and operators compete to attract and retain tenants. The future of office space isn’t just about *where
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