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Hospitality Company Accor Opens 23K-SF Midtown Office
Parisian hospitality company Accor has taken up 23,000 square feet at Michael Shvo’s 711 Fifth Avenue in Midtown. The building, located at the intersection of Fifth Avenue and West 55th Street, commanded an asking rent of $120 per square foot.
Accor’s lease on the seventh floor brings the 18-story property, also known as the Coca-Cola Building, to 90 percent occupancy. Shvo acquired the 354,000-square-foot building for $955 million in 2019 and completed renovations in 2021. The building is also home to the members-only Core Club, occupying four floors, and clothing retailer Loro Piana, among others.
Accor’s U.S. office location prior to this deal is unclear, but the company’s global portfolio includes two Midtown hotels: The Plaza and Sofitel New York. In 2020, Accor acquired a 50 percent stake in SBE Entertainment Group, expanding its hotel operations and food and beverage brands.
- ◦Lease
