Accor, a leading hospitality company based in Paris, has recently leased 23,000 square feet of space at Michael Shvo’s 711 Fifth Avenue in Midtown. The building is situated at the prime intersection of Fifth Avenue and West 55th Street and commanded an asking rent of $120 per square foot.
The seventh floor lease by Accor brings the occupancy rate of this iconic property to a remarkable 90 percent. Shvo acquired the impressive 18-story building known as the Coca-Cola Building for $955 million in 2019 and completed renovations earlier this year. Other notable tenants include members-only Core Club occupying four floors and luxury clothing retailer Loro Piana.
Although it is unclear where Accor’s previous U.S. office location was located prior to this deal, their global portfolio boasts two hotels in Midtown: The Plaza and Sofitel New York. In addition to its hotel operations, Accor expanded its reach into food and beverage brands with their acquisition of a fifty percent stake in SBE Entertainment Group last year.
This recent development marks another milestone for Accor as they open their new midtown office spanning over twenty-three thousand square feet – solidifying their presence within one of New York City’s most sought-after locations.
