New Lease for SPEAR Physical Therapy Ensures Full Occupancy at the Base of the 23-Story, 252,000 SF Office Property
ATCO Properties & Management announced today that it has signed a new 10-year lease with SPEAR Physical Therapy at 630 Third Avenue, bringing its three ground-floor retail spaces at the base of the 23-story, 252,000 square-foot office building to full occupancy.
The new physical therapy center will operate on the southwest corner of East 41st Street and Third Avenue, which is adjacent to the building’s main lobby. SPEAR Physical Therapy’s new storefront spans 2,700 square feet on the ground floor and features 15-foot ceiling heights. It is expected to open by the second quarter of 2021.
SPEAR Physical Therapy will join a dynamic retail mix at the property that includes fast-causal restaurants Dig Inn (2,453 square feet) and P.F. Chang’s to Go (1,787 square feet).
“In a little over a year, we were able to fully lease and activate this vital section of Third Avenue while providing access to services that benefit our tenants, workers, and visitors,” said Kate Hemmerdinger Goodman, co-president at ATCO Properties & Management. “In spite of the challenging retail market conditions, we view this new transaction and the lease-up of our retail spaces as a key example of the strength and resiliency of the Grand Central district.”
“We are confident that NYC will return to its position as one of the most vibrant, energetic bustling cities in the world, so we are investing in its success at this time,” said Dan Rootenberg, CEO of SPEAR Physical Therapy. “SPEAR looks forward to creating a new state-of-the art physical therapy center in this flagship Grand Central location.”
Michael Paster of Newmark Knight Frank represented building ownership in the long-term transaction, while Evan Clements from The Dartmouth Company represented SPEAR Physical Therapy. Asking rent was $125 per square foot.
The new agreement for SPEAR Physical Therapy comes during a period of significant capital investment in the property. As part of a new capital improvement program, ATCO has appointed architectural firm Design Republic and contracting firm Essential Design + Build to refresh and renovate the building’s lobby, which will feature new stone, glass accents and brand new elevator cabs. In addition, ATCO has recently completed the installation of a new façade.
The property also boasts a newly-constructed, 5,800 square-foot pre-built office suite on the 22nd floor, which is currently available for lease. Designed and constructed by Essential Design + Build, the space features a state-of-the-art floorplan, a new pantry area, and new restrooms.
630 Third Avenue, which is situated steps from Grand Central Terminal, is located between 40th and 41st Streets. It is currently LEED (Leadership in Energy and Environmental Design) certified Silver. For more information on ATCO, please contact 212-687-5154 or visit www.630thirdavenue.com and/or www.atco555.com.
About ATCO
ATCO is a real estate investment and ownership platform deploying capital in select cities across the United States, with a particular emphasis on value-add opportunities in urban locations. We seek to improve people’s lives by creating places that they genuinely want to work, play, or live, and by doing our work with a long-term perspective.
Through eight decades and four generations, ATCO has owned, managed, and developed a diverse real estate portfolio, primarily in and around New York City and also in select markets we target. ATCO presently owns and manages more than 20 buildings ranging from high-rise office and residential towers to retail properties, from one-story industrial structures to high tech flex buildings. The portfolio of New York City properties includes: 555 Fifth Avenue, 40 Central Park South, 41 West 58th Street, 630 Third Avenue, 381 and 373 Park Avenue South, 515 Madison Avenue and the Atlas Terminals. Nationally, the company owns properties in Austin, Texas; Chapel Hill and Charlotte, North Carolina; Indianapolis, Indiana; Darien, Stamford and Westport, Connecticut; Baltimore, Maryland; and Orlando, Florida. Internationally, ATCO has investments in seven European countries.
