Winter Organization Heats Leasing Market With Pair of Deals

The Winter Organization signed a pair of leases at its conjoined Flatiron District properties.

David Winter’s firm signed fintech company Adyen to a 90,000-square-foot lease spanning 111-115 Fifth Avenue, the Commercial Observer reported. The firm will occupy the fourth floors of both buildings — the same floor that connects the properties — and the fifth floor at 111 Fifth Avenue.

The 10-year deal carried an asking rent of $89 per square foot. JLL’s Justin Haber and Kyle Riker represented the tenant, while Newmark’s David Falk, Rob Silver and Anthony Sciacca represented the landlord.

Separately, energy investment company Galvanize Climate Solutions took 20,000 square feet at 111 Fifth Avenue in a deal that matched Adyen’s in terms of length and asking rent. The same Newmark team represented the landlord in that transaction, while JLL’s Greg Wang and Kristen Morgan represented the tenant.

Other tenants at 111 Fifth Avenue include Radar Labs, while other tenants at the adjacent building include Prophet, a marketing consulting firm. Several years ago, Aritzia signed a 15,000-square-foot lease at 115 Fifth Avenue for a two-floor store, though the Canadian women’s fashion brand didn’t open the space until late last year.

The Winter Organization previously agreed to part with another Fifth Avenue property. In partnership with Eliot Spitzer, David Winter’s firm moved to part ways with a 208-unit rental building at 800 Fifth Avenue for more than $800 million. Buyer Miki Naftali landed a $675 million loan from JPMorgan to close his purchase of the 33-story property.

Firms signed leases for about 11.8 million square feet of Manhattan office space in the first quarter of the year, according to a report from Colliers. That’s a slight decline from the end of last year, but a 3.4 percent jump year-over-year and the strongest first quarter since 2014, according to the report.

Average asking rent grew 2 percent quarter-over-quarter and 4 percent year-over-year to $77.55 per square foot.

— Holden Walter-Warner