French hospitality company Accor has leased space at Michael Shvo’s 711 Fifth Avenue.

Accor signed an undisclosed 23,000 square-foot lease in December, as reported by Realty Check. The deal, with an asking rent of $120 per square foot, brought 711 Fifth Avenue’s 350,000 square feet to 90% occupancy. This is another success for developer Michael Shvo and his partners, who purchased the former Coca-Cola Building for over $900 million in 2019 when it was 74% leased. An impending deal with an unnamed tenant is expected to fully lease the building.

Shvo’s company, SHVO, specializes in acquiring architecturally significant properties and investing heavily in their restoration and upgrading. During the pandemic, SHVO secured a lease for 60,000 square feet at 711 Fifth Avenue for the relocated private Core Club, a four-level complex featuring dining rooms, bars, screening rooms, and fitness facilities.

Current office tenants at 711 Fifth Avenue include Loro Piana and Allen & Co., with retail tenants such as Polo Bar, Omega, and Mango. Since Shvo’s acquisition, rents have doubled, with current asking rents reaching up to $205 per square foot.

Michael Shvo, who transitioned from a residential broker to a commercial real estate developer, also holds a portfolio that includes Manhattan’s Crown Building and 125 Greenwich St., San Francisco’s Transamerica Pyramid Center, and major properties in Chicago and Miami Beach.

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