The International Federation of Accountants (IFAC), the global organization for the accountancy profession with members and associates in 125 countries, has signed a 24,962-square-foot lease at 529 Fifth Avenue for its new headquarters.
The transaction marks a major expansion for IFAC, which represents approximately 2.5 million accountants in public practice, education, government service, industry and commerce, and currently occupies approximately 14,000 square feet at 545 Fifth Avenue. Occupancy at the new address is expected in February 2012.
Executive Managing Director Daniel Horowitz, Senior Managing Director Jeffrey Peck and Assistant Director Gary Kerper of international commercial real estate services firm Studley represented IFAC in the long-term lease, which covers the entire sixth and partial fifth floor of the building.
The new offices will feature a spacious boardroom and conference facility that can accommodate 75 professionals in a column-free expanse. IFAC will also receive signage on the front entrance of the building as part of the lease agreement.
“IFAC has been expanding its global membership, programs, and services, and we proactively began the search for additional space to accommodate that growth in the summer of 2010,” said Mr. Horowitz. “The ownership of 529 Fifth Avenue worked hard to entice our client, knowing that the prestige of this organization would be a significant asset to the building.”
As a result, according to Mr. Peck, “Studley crafted a transaction that allows IFAC to relocate to the larger and more functional space it requires – 18 months ahead of its lease expiration.”
529 Fifth Avenue is a 20-story, Class A office building located on the southeast corner of Fifth Avenue and 44th Street, two blocks from Grand Central Station. The ownership entity, a joint venture of Silverstein Properties and Loeb Partners Realty, was represented in-house by Roger A. Silverstein and Jeremy I. Moss.