Olmstead Properties and the investment platform Vertex have signed more than 67,000 square feet of leases at 373 and 381 Park Avenue South, including new deals with real estate brokerage firm The Corcoran Group and AI company Stuut Inc., as the new owners kick off an extensive repositioning of the Flatiron District office buildings.
The leasing activity — representing roughly 20% of the two buildings’ available space within four months of the acquisition — underscores early tenant demand for the properties as the new ownership launches upgrades and newly built prebuilt office suites.
The Corcoran Group has signed a 14,710-square-foot lease for the entire third floor at 381 Park Avenue South, where the brokerage will relocate its offices from the nearby 387 Park Avenue South, under an 11-year lease, with occupancy expected in summer 2026. Corcoran was represented in-house by Paul Wexler.
“Olmstead was an exceptional partner — decisive, collaborative and very easy to work with,” said Gary Malin, Corcoran’s chief operating officer. “Their ability to execute quickly and thoughtfully made the entire process seamless and reinforced our confidence in both the building and the ownership.”
Stuut Inc., an artificial intelligence company, has signed a 9,043-square-foot lease for the entire fifth floor at 373 Park Avenue South in a short-term agreement, with occupancy beginning January 1, 2026. Stuut was represented by Brandon Cooperstock and Sean Hoffman of Cushman & Wakefield.
“New York is one of the toughest real estate markets in the world, and finding a great space on your timeline can feel nearly impossible,” said Tarek Alaruri, CEO of Stuut. “Olmstead was a shining star throughout the entire process — we went from offer to executed lease in just three weeks and were moved in by December 30th, all during the holiday season. That kind of speed and professionalism is rare in this city, and it’s exactly what a fast-moving company like ours needs.”
In addition to the Corcoran and Stuut transactions, ownership has signed 9 additional leases totaling just over 43,000 square feet across the two buildings, bringing total leasing activity to more than 67,000 square feet since the acquisition.
Olmstead Properties and Vertex were represented in all transactions by Steve Marvin and Jonathan Bock of Olmstead Properties.
