Coconut water brand Vita Coco has signed a 22,530-square-foot, decade-long lease for its new headquarters at 111 Fifth Ave. in Manhattan’s Flatiron District. The new location is just a short walk from the company’s current headquarters at 250 Park Ave. S. Both office buildings are situated near Union Square, which has recently attracted the attention of several large tenants.
“As an international brand, Vita Coco required a high-quality headquarters to match its stellar brand reputation,” said Jason Frazier of CBRE, who negotiated the deal on behalf of the tenant, alongside Jesse de la Rama. “We are proud to partner with them to negotiate a lease allowing the company to expand and upgrade its offices in one of the city’s most desirable neighborhoods,” he added.
Asking rate was in the mid-$80s per square foot.
Newmark’s Rob Silver and Anthony Sciacca represented the landlord in the lease negotiations, but did not immediately respond to a request for comment. The Winter Organization also declined to comment.
Owned by The Winter Organization, 111 Fifth Ave. is a 13-story, boutique office building originally completed in 1895. It boasts easy access to public transportation.
The company joins a growing list of Manhattan tenants opting for shorter moves within the city. For instance, Blackstone portfolio company New Tradition Media and IBM also recently announced new office locations nearby.
The tenant roster at 111 Fifth Ave. also includes the likes of women’s fashion brand LoveShackFancy, which inked a deal for 20,000 square feet on the eighth floor of the property in March 2022; fashion brand H&M, which occupies the building’s ground-floor retail space; as well as real estate company Douglas Elliman, which has been leasing roughly 19,500 square feet on the building’s seventh floor since 2017.
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