The sounds of levity at 711 Fifth Avenue last week didn’t come from the spectacular Core Club on the tower’s top 4 floors, but from the brand new offices of Accor on the seventh floor.
The French hospitality company was celebrating its move there after signing an unreported, 23,000 square-foot lease in December, sources told Realty Check.
The deal for which sources said the asking rent was $120 per square brought 711 Fifth’s 350,000 square feet to 90% leased — the most recent coup for developer Michael Shvo and his partners, who bought the previous Coca-Cola Constructing for over $900 million in 2019 when it was 74% leased, in line with market insiders. An impending cope with an unidentified tenant is anticipated to completely fill the constructing.
Developer Michael Shvo and his partners bought 711 Fifth Ave. for over $900 million in 2019. SHVO
Shvo’s company, stylized as SHVO, has specialized in acquiring architecturally distinctive properties and investing heavily in restoring and upgrading them.
It scored a pandemic-era coup by leasing 60,000 square feet at 711 Fifth for the relocated, private Core Club — a four-level, gleaming complex of dining rooms, bars, screening rooms and fitness facilities that Realty Check was recently fortunate to go to with a friend.
Core Club is a four-level, gleaming complex of dining rooms, bars, screening rooms and fitness facilities. SHVO
Office tenants include Loro Piana and Allen + CO and retail tenants include Polo Bar, Omega and Mango. Sources said rents have doubled since Shvo’s acquisition, with asking rents as much as $205 per square foot
Shvo, once often known as a news-making residential broker, transitioned into the business world with 711 Fifth purchase.
In keeping with his company’s Web page, his portfolio includes ownership or stakes in Manhattan’s Crown Constructing and 125 Greenwich St., San Francisco’s Transamerica Pyramid Center and major properties in Chicago and Miami Beach.
Shvo declined to comment.
