NEW YORK—TheGemological Institute (IGI) has signed a 20,4000-sq.-ft. lease to occupy the entire seventh floor of The Fred F. French Building, located at 551 Fifth Ave. The Feil Organization is currently building out the space to IGI’s specifications.
Jarod Stern of Studley brokered the.
"We were able to meet the tight timetable that IGI required in its relocation from 589 Fifth Ave.,” said Kevin Driscoll, director of commercial leasing for The Feil Organization.
The Feil Organization has owned the property since 2001. The 38-story, pre-war office building was built in 1927 and is listed in the National Register of Historic Places. Located in the Grand Central Station submarket, 551 Fifth Ave. was built for real estate tycoon Fred Fillmore French and includes an art deco façade.
Other tenants at the property include DHG Management Company LLC and Kleinberg, Kaplan, Wolff and Cohen, among others.
The International Gemological Institute, headquartered in Antwerp, Belgium, is the largest independent gemological laboratory in the world. The company has offices throughout the world.