New Office Leases Signed at 245 Fifth Avenue
Tech firms are securing space at the Manhattan office property, signaling continued demand for central locations.
Updated on Oct. 28, 2026 in Remote Work
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Blacksmith Software and Sona Technologies have signed new office leases at 245 Fifth Avenue in Manhattan. These commitments follow a series of recent leasing activities at the building, reflecting ongoing demand in the Midtown South office market.
Why it matters
The influx of new tenants at 245 Fifth Avenue highlights a competitive leasing environment for Midtown South office space. For operators, these transactions underscore the sustained need for physical headquarters even as flexible work models remain in play.
Blacksmith Software and Sona Technologies secured a combined 26,000 square feet at 245 Fifth Avenue, building on a 55,000 square foot lease signed by WeWork in August 2025. These deals appear in a neighborhood where the average asking rent recently reached $71.43 per square foot.
The players
The Moinian Group
A prominent real estate development and management firm that owns and operates the office property at 245 Fifth Avenue.
Blacksmith Software
A technology company that is expanding its physical footprint by leasing 14,000 square feet in Manhattan.
Sona Technologies
A technology firm securing 12,000 square feet of office space to support its local operations.
Newmark
A commercial real estate services firm that represented the landlord in these leasing transactions.
WeWork
A provider of flexible workspace solutions that signed a 55,000 square foot lease at the building in August 2025.
The details
The leasing transactions at 245 Fifth Avenue were facilitated by Newmark on behalf of the owner, The Moinian Group. Blacksmith Software secured 14,000 square feet on the seventh floor, while Sona Technologies finalized a 12,000 square foot space on the 19th floor. Tandem Space and Cornelia Street Partners acted as representatives for the respective tenants, signaling a coordinated effort to fill the property located near Madison Square Park.
Timeline
March 2025: Institute of Integrative Nutrition signed a 14,000 square foot lease renewal.
August 2025: WeWork signed a 55,000 square foot lease at the property.
Q3 2026: Midtown South average asking rent was $71.43 per square foot.
Market Landscape
These leases at 245 Fifth Avenue follow a pattern of renewed interest in Manhattan's Midtown South corridor. The property's activity remains aligned with broader rent trends recorded in the district throughout 2026.
Operators in Manhattan should monitor these lease signings as indicators of neighborhood-specific demand for office space. While hybrid work persists, these deals suggest that central business districts remain a focus for companies securing long-term operational infrastructure.
The takeaway
The sustained leasing activity at 245 Fifth Avenue demonstrates that competitive firms are continuing to commit to prime Manhattan office space. Business owners should track local vacancy rates and asking rents as benchmarks when evaluating their own office lease renewals or relocations.
Further reading
For more on how companies are balancing office footprints in the current environment, visit Remote Work.
Source note: This article includes information reported by Commercial Observer.
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