Atco Properties & Management has signed a 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 physical therapy center will operate on the southwest corner of East 41st Street and Third Avenue, adjacent to the building’s main lobby. The 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.
“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.”
Spear Physical Therapy joins fast-causal restaurants Dig Inn (2,453 square feet) and P.F. Chang’s to Go (1,787 square feet).
Michael Paster of Newmark represented building ownership in the long-term transaction; Evan Clements from The Dartmouth Company represented Spear. Asking rent was $125 per square foot.
