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/

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/

Two Firms Relocating Within Midtown to William Kaufman Organization’s 437 Madison Avenue

An energy firm and a litigation finance company have each signed deals at 437 Madison Avenue between East 49th and East 50th Streets, combining for more than 12,000 square feet, Commercial Observer has learned.

 

Terra-Gen, which specializes in renewable energy, signed a 6,871-square-foot lease for part of the 22nd floor, according to a press release from landlord William Kaufman Organization. The company signed a five-year deal at the 850,000-square-foot property. 

It will move to the building at the end of this year, leaving behind 1095 Avenue of the Americas between West 41st and West 42nd Streets, also known as 3 Bryant Park. Terra-Gen subleases roughly 17,000 square feet at that location, according to CoStar Group.  

John Fitzsimons of Cushman & Wakefield represented the tenant and did not immediately return a request for comment via a spokesman.

Asking rent at the 40-story building ranges from $80 to $110 per square foot, according to the release.

Bentham Capital, a financial firm that funds plaintiffs and law firms in major cases, signed a deal to relocate to the Midtown property. The company has inked a 10-year lease for 5,261 square feet of built-to-suit space on part of the 19th floor, the release indicates.

The firm will move from 885 Third Avenue between East 53rd and East 54th Streets, where CoStar indicates it currently leases 3,864 square feet

Lance Korman and Brian Waterman of Newmark Grubb Knight Frank represented the tenant and did not immediately return a request for comment via a spokeswoman.

Michael Lenchner of Sage Realty Corporation, the leasing and management wing of William Kaufman Organization, represented the landlord in-house for both deals along with Frank Doyle, David Kleiner, Cynthia Wasserberger, Hayley Shoener and Harlan Webster of JLL.

The building “continues to be an attractive option for companies seeking a fully modernized office tower with world-class amenities and high-end finishes in a classic Midtown location near Grand Central Terminal,” Lenchner said in prepared remarks.

- Commercial Observer, By Terence Cullen Aug. 16, 2016, 4:43 p.m.