The Corcoran Group and Stuut Inc. leases drive 67,000 s/f of deals at 373 and 381 Park Ave. South

Manhattan, NY Olmstead Properties and the investment platform Vertex have signed more than 67,000 s/f of leases at 373 and 381 Park Ave. South, including new deals with real estate brokerage firm The Corcoran Group and AI company Stuut Inc., as the new owners kick off a 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 designed to deliver high-quality, move-in-ready workspace.

The Corcoran Group has signed a 14,710 s/f lease for the entire third floor at 381 Park Ave. South, where the brokerage will relocate its offices from the nearby 387 Park Ave. South, under an 11-year lease, with occupancy expected this summer. Corcoran was represented in-house by Paul Wexler.

Ownership began working with Corcoran even before closing on the acquisition, continuing through the holiday season, to ensure the firm could quickly secure and plan for the space, underscoring strong tenant demand for well-located buildings with stable, long-term ownership.

“Olmstead was an exceptional partner – decisive, collaborative, and very easy to work with,” said Gary Malin, Corcoran’s COO. “Their ability to execute quickly and thoughtfully made the entire process seamless and reinforced our confidence in both the building and the ownership.”

In addition, Stuut Inc., an artificial intelligence company, has signed a 9,043 s/f lease for the entire fifth floor at 373 Park Ave. 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 30^th, 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 nine additional leases totaling over 43,000 s/f across the two buildings, bringing total leasing activity to more than 67,000 s/f since the acquisition.

Olmstead Properties and Vertex were represented in all transactions by Steve Marvin and Jonathan Bock of Olmstead Properties.

As part of the repositioning strategy, ownership has launched four newly built prebuilt office suites ranging from 3,200 to 6,500 s/f, designed to meet growing tenant demand for high-quality, move-in-ready workspace, with delivery expected later this year.

“These thoughtfully designed turnkey spaces allow companies to move quickly and avoid lengthy construction timelines,” said Marvin, executive managing director at Olmstead Properties. “Given tightening market conditions and the increased demand for space, we’re seeing strong interest from technology, media and professional services firms that want high-quality space in well-operated buildings they can occupy immediately where ownership is actively investing in the tenant experience.”

In addition to the completed leases, ownership currently has 15,000 s/f of leases out for signature, including negotiations with a New York hospitality operator for the former Dos Caminos restaurant space at 373 Park Ave. South, where multiple offers have been submitted.

Located near Madison Square Park, the two buildings offer boutique office environments with flexible floor plates attractive to creative and growth companies.

381 Park Ave. South is a 17-story, 244,000 s/f office building. Neighboring 373 Park Ave. South is a 12-story, 112,000 s/f office building.

As part of the repositioning strategy, COOKFOX Architects has been engaged to lead a modernization program across both buildings, including lobby renovations, upgraded common areas and elevator cabs, modernized restrooms and new prebuilt tenant suites designed to enhance the overall tenant experience.