Investment Firm Grows NYC Presence With Additional Offices at 220 Fifth Avenue

220 FIFTH AVENUE. PHOTO: STELLAR MANAGEMENT

220 FIFTH AVENUE. PHOTO: STELLAR MANAGEMENT

Investment management firm Artisan Partners is expanding its New York City office footprint after agreeing to take 9,000 square feet at Stellar Management and Imperium Capital’s 220 Fifth Avenue in NoMad, Commercial Observer has learned.

Artisan signed a 10-year lease today for the entire fifth floor at the 20-story, 167,000-square-foot building at the northwest corner of Fifth Avenue and West 26th Street, according to sources with knowledge of the transaction. The Milwaukee-based firm is expected to begin occupying the space this coming spring while keeping its existing New York City offices at RXR Realty’s 1330 Avenue of the Americas, sources said.

Asking rent in the deal was not immediately clear. A Newmark Knight Frank team of Brian WatermanAndrew PeretzDavid Malawer and Brent Ozarowski represented the landlord, while Eric Deutsch of CBRE represented the tenant.

Matthew Lembo, a principal and chief investment officer at Stellar, said in a statement that the transaction “is a testament to the leasing activity we’ve experienced” in the Midtown South market—including a recent 7,300-square-foot deal with Australian yoga studio Humming Puppy at 119 West 23rd Street, as CO first reported last week.

The Larry Gluck-led real estate investment firm teamed with Imperium to acquire a leasehold interest on 220 Fifth Avenue from Dino & Sons Realty Corp. earlier this year, making it Stellar’s seventh Midtown South commercial asset. The 105-year-old building, which features a neo-Gothic facade overlooking Madison Square Park, is currently undergoing a capital improvement program that includes a full renovation of the lobby and upgrades to the building systems.

Stellar and Imperium are also prebuilding out entire floors at the property as they become vacant, in an attempt to cater to the growing demand from office users seeking turnkey space. Current tenants at 220 Fifth Avenue include architecture firm Deborah Berke Partners, trade publication Mass Market Retailers and law firm Weiner, Millo, Morgan & Bonnano.

Representatives for NKF and CBRE did not immediately provide comment.

Artisan Partners has more than $115 billion in assets under management, according to its website. In addition to its presence in New York and its Milwaukee headquarters, the firm has U.S. offices in Chicago, San Francisco, Atlanta and Kansas City, as well as international offices in London and Sydney.

https://commercialobserver.com/2017/12/investment-firm-grows-nyc-presence-with-additional-offices-at-220-fifth-avenue/

Trading Company Merus Global Investments Relocating HQ From FiDi to Midtown South

3 PARK AVENUE. PHOTO: COSTAR GROUP

3 PARK AVENUE. PHOTO: COSTAR GROUP

International trading company Merus Global Investments is moving its headquarters from the Financial District to 8,300 square feet at 3 Park Avenuebetween East 33rd and East 34th Streets, Commercial Observer has learned.

The company, founded in December 2015 and with a branch office in Austin, Texas, will occupy a portion of the 29th floor in the 41-story office tower when it moves from 88 Pine Street between Water and Front Streets in the third quarter. The lease is for 11 years with an asking rent of $75 per square foot, according to information provided by the landlord, Cohen Brothers Realty Corporation.

As CO reported last November, the 1975-built, 936,312-square-foot building is undergoing a $30 million makeover including new lobby and façade designs. The building is home to retail tenants New York Sports ClubStarbucks Coffee and Le Pain Quotidien on the street level, and office tenants such as mega-publisher Houghton Mifflin Harcourt and eatery Dean & DeLuca, which took space in the building last year, as CO previously reported, and will move in later this quarter.

George Keller and Evan Algier of Cushman & Wakefield represented the tenant and Marc Horowitz represented landlord in-house. C&W spokesmen didn’t respond with a comment and Horowitz was unreachable.

Financial Tech Company Signs 11K-SF Sublease to Move Within Flatiron District

trueex.JPG

BY LIAM LA GUERRE MAY 15, 2017, 1:27 PM

TrueEX has signed a 10,600-square-foot sublease at 22 West 21st Street with sublandlord Group SJR, according to a news release from brokerage CBRE.

The financial technology company will occupy the entire ninth floor of the building between Fifth Avenue and Avenue of the Americas. A CBRE spokeswoman declined to disclose the terms of the deal. In a similar sized deal a year ago, where Simons Foundation took the entire 10th floor, the asking rent was $65 per square foot, according to CoStar Group.

The 101,368-square-foot, 12-story building is a commercial co-op, according to property records.

CBRE’s Mary Ann TigheLauren Crowley, Jared Isaacson, Gregory Tosko and Sacha Zarba represented digital consultancy company Group SJR, a subsidiary of advertising and public relations firm WPP. Meanwhile, Anthony Sciacca of Newmark Grubb Knight Frank represented TrueEX in the deal. The spokeswoman for CBRE declined to comment beyond the details in the release, and Sciacca did not return an inquiry seeking more details via NGKF’s spokesman.  

TrueEX is moving from its current address nearby at 162 Fifth Avenue between West 21st and West 22nd Streets to its new digs in the summer. A representative for TrueEX was not immediately available for comment.

Tenants at the 22 West 21st Street building include cartoon creator FrederatorNetworks, sports clinic Sport Medicine at Chelsea and data company TayKey.

https://commercialobserver.com/2017/05/financial-tech-company-signs-11k-sf-sublease-to-move-within-flatiron-district/

Winton Capital leaves Seagram Building for 315 PAS

Hedge fund to take 35K sf at Columbia Property Trust tower

315 Park Ave South in NoMad (inset from top: Winton Capital’s David Harding and Columbia Property Trust’s Nelson Mills)

315 Park Ave South in NoMad (inset from top: Winton Capital’s David Harding and Columbia Property Trust’s Nelson Mills)

U.K.-based hedge fund Winton Capital is relocating from the Seagram Building to 315 Park Avenue South in Midtown South.

The investment firm signed a 10-year lease for 34,844 square feet at Columbia Property Trust’s under-renovation office tower, according to the Wall Street Journal. Columbia CEO Nelson Mills said the move was a “badge of honor” for 315 Park.

Winton will have a private elevator, lobby and elevators in the 328,193-square-foot building. The asking rent for the space was $105 per square foot.

Columbia, a real estate investment trust, paid $375 million to buy the 20-story pre-war building from Spear Street Capital in 2014. L&L Holding Company manages the property and handles leasing services.

Spear Street bought the building in 2013 from Craig Nassi’s BCN Development for $250 million.
Columbia has also reeled in new tenants including Equinox, which is taking 44,000 square feet, and Fullscreen, a YouTube channel aggregator that’s taking 17,000 square feet.  Oracle Corp. plans to expand its footprint there, as well.

https://therealdeal.com/2016/07/11/winton-capital-leaves-seagram-building-for-315-park-avenue-south/