Wealth Management Firm for Blackstone Co-Founder Moves Within Midtown

399 PARK AVENUE. PHOTO: COSTAR GROUP

399 PARK AVENUE. PHOTO: COSTAR GROUP

Peterson Management, which manages the family assets of Peter Peterson,Blackstone Group co-founder and former Lehman Brothers chief executive officer, is heading to the former Citigroup headquarters on Park Avenue.

The firm will relocate from 26,000 square feet at Paramount Group’s 712 Fifth Avenue to 40,000 square feet of offices at Boston Properties’ 399 Park Avenue, The Real Deal reported. The outfit led by Peterson’s son, Michael Peterson, will set up shop in a penthouse-like space that includes outdoor terraces and a glass box constructed on top of the building’s setback. Rents in the 15-year lease start at $130 a square foot and rise to $150 a square foot towards the end of the term, according to TRD.

Seth Hecht of Cushman & Wakefield and Joseph Conwell of Philadelphia-based GPX Realty Partners represented Peterson. (GPX Realty is a subsidiary of private investment firm GPX Enterprises, another company headed by Michael Peterson.) It wasn’t immediately clear who represented the landlord.

A spokesman for C&W declined to comment, and Boston Properties’ spokeswoman didn’t respond to a request for comment.

The wealth management company will relocate along with the nonprofit Peterson Foundation, which Peter Peterson launched in 2008 to focus on fiscal sustainability and national debt.

BY REBECCA BAIRD-REMBA NOVEMBER 6, 2017 11:31 AM

https://commercialobserver.com/2017/11/wealth-management-firm-for-blackstone-co-founder-moves-within-midtown/

Private Investment Firm Monomoy Capital Partners Relocating Within L&L Portfolio

600 THIRD AVENUE.

600 THIRD AVENUE.

Monomoy Capital Partners, a private investment firm, is relocating and expanding within L&L Holding Company’s portfolio to 600 Third Avenue, the landlord said in a press release.

The company will occupy 12,505 square feet, amassing the entire 27th floor, via a 10-year lease at the building on Third Avenue between East 39th and East 40th Streets. The asking rent was $75 per square foot.

The company has been in 9,000 square feet on the 17th floor at L&L’s Metropolitan Tower at 142 West 57th Street between Avenue of the Americas and Seventh Avenue since 2006, according to The New York Post, which first reported news of the deal. Monomoy Capital will move into its new digs in the third quarter, L&L indicated.

“For the Monomoy Capital team, the expansion of our offices to 600 Third Avenue represents our commitment to best-in-class infrastructure in a convenient Midtown location with a great long-term partner like L&L,” Daniel Collin, a partner and co-chief executive officer at Monomoy Capital, said in a prepared statement. “This newly revitalized space is a perfect fit to accommodate our firm’s New York City growth plans.”

CBRE’s Silvio Petriello and Ben Friedland represented Monomoy Capital in the deal, while L&L’s Andrew Wiener and David Young negotiated the deal in-house. CBRE’s spokeswoman said the company declined to comment.

The building was erected in 1970 and acquired by L&L and GE Asset Management in 2004 for $212 million. BlackRock Realty Advisors picked up GE’s equity stake in the building in October 2006 for $315 million. The 42-story, 550,000-square-foot office tower is home to security solutions company L-3 Communications in 100,000 square feet, law firm Polsinelli, PC in 40,592 square feet, the Mission of Austria in 13,129 square feet, public relations firm 42West in 12,505 square feet and life insurance firm Genworth Financial in 5,218 square feet.

L&L recently completed a $3 million upgrade of the building’s privately owned public space.

https://commercialobserver.com/2017/01/private-investment-firm-monomoy-capital-partners-relocating-within-ll-portfolio/

SL Green floats idea to move JPMorgan to 1 Vanderbilt

Complicated deal would swap space for bank’s HQ at 383 Madison and 270 Park

James Dimon, One Vanderbilt and Marc Holliday

James Dimon, One Vanderbilt and Marc Holliday

SL Green Realty is floating a plan to move JPMorgan Chase from two buildings it owns in the Plaza District to the landlord’s under-construction One Vanderbilt tower.

The bank is considering SL Green’s  proposal to essentially swap its headquarters at 383 Madison Avenue and 270 Park Avenue for space at the 1.7 million-square-foot building under construction overlooking Grand Central Terminal.

Decision makers at JPMorgan are open to the idea, but haven’t started negotiations with SL Green, the Wall Street Journal reported.

One of the challenges in luring the bank to the new property is that since JPMorgan owns its buildings, it’s not under any pressure to move. The bank did make it clear, however, that it would be open to relocating when it negotiated a package of tax incentives to move to the Related Companies’ Hudson Yards megaproject – a deal that fell apart in late 2014.

During a call with investors last Monday, SL Green’s Marc Holliday said the developer was working on a deal to sell a 28 percent stake in One Vanderbilt to a foreign investor. TD Bank is anchoring the under-construction tower.

The city’s biggest office landlord pulled of a blockbuster deal with another Wall Street firm earlier this year when it sold Citigroup its headquarters at 388-390 Greenwich Street in Tribeca for $2 billion. [WSJ] – Rich Bockmann

Investment Manager Staying Put at SL Green’s 600 Lexington Avenue

600 LEXINGTON AVENUE.

600 LEXINGTON AVENUE.

An international investment firm has re-upped its three-floor lease at SL Green Realty Corp.’s 600 Lexington Avenue.

Commercial Observer has learned that MKP Capital Management has renewed for more than five years at the building between East 52nd and East 53rd Streets. The firm currently occupies the 16th through 18th floors, according to a press release provided by the landlord.

An SL Green spokeswoman said the investment manager has been based at the 300,000-square-foot property since 2010. Asking rent in the renewal was $85 per square foot, she added.

SL Green leasing chief Steven Durels noted in prepared remarks that the 36-story tower is “a magnet for financial firms because of its boutique-size floors flooded with natural light, floor-to-ceiling windows and upscale lobby.”

John Mambrino and Evan Margolin of Savills Studley represented the tenant and declined to comment via a spokeswoman. Larry Swiger represented SL Green in-house.

Popular sandwich shop Pret A Manger signed a deal in June 2014 to occupy a portion of the building’s retail section, as CO reported at the time. The eatery took a  corner section at the Midtown property.

Some of the other office tenants at the building include Nissan and aviation firm NetJets, a Berkshire Hathaway subsidiary. 

https://commercialobserver.com/2016/10/investment-manager-staying-put-at-sl-greens-600-lexington-avenue/

Visa swipes in at 277 Park Avenue

Credit card processor inks 25K sf lease at Stahl’s Plaza District tower

277 Park Avenue

277 Park Avenue

If the Stahl Organization were looking for a slogan for its 2.1 million-square-foot office tower at 277 Park Avenue, it could try, “Everywhere you want to be.”

Financial services firm Visa, best known for its branded debit and credit cards, inked a lease for the full, 25,000 square-foot 50th floor near the top of Stahl’s Plaza District tower, sources told The Real Deal.

The asking rent for the 10-year deal was $125 per square foot.

A team at Cushman & Wakefield including Peter Occhi, Mark Boisi and James Frederick represented the landlord. David Hollander at CBRE negotiated the deal on behalf of Visa.

The brokers declined to comment.

The space, which boasts dramatic double-height ceilings, became available for the first time in half a century two years ago as one half of a 50,000 square-foot penthouse on the 49th and 50th floors. That was when the Continental Grain Company relocated to the General Motors Building at 767 Fifth Avenue.

The 49th Floor remains on the market, according to CoStar.

Back in 2014, Visa dropped the “It’s” from the company’s popular slogan, abbreviating it to simply: “Everywhere you want to be.”

The company is relocating from the William Kaufman Organization’s 777 Third Avenue, where it currently occupies 10,810 square feet on part of the building’s 23rd Floor. That space is now available for sublease, with a term running through 2023.

277 Park is also home to Stahl’s headquarters.

Other tenants in the building include JP Morgan Chase, which has 571,000 square feet in the tower, and Sumitomo Mitsui Bank Corporation, a subsidiary of Japan’s fourth-largest bank.

https://therealdeal.com/2016/06/02/visa-swipes-in-at-277-park-avenue/