Investment Adviser Ditches Park Avenue Digs for Lexington Avenue Address



Peconic Partners, an investment adviser and management company, has signed an 8,623-square-foot lease for 10 years at Boston Properties’ 599 Lexington Avenue, according to the landlord’s broker, CBRE.

The financial consulting firm will occupy the entire 46th floor of the 47-story building between East 52nd and East 53rd Streets. The asking rent in the deal was $110 per square foot.

Peconic is moving a few blocks east from the 30-story 350 Park Avenue between East 51st and East 52nd Streets, where it has 3,600 square feet on the top floor, according to CoStar Group.

A CBRE team of Peter Turchin, Christie Harle, Arkady Smolyansky, Evan Fiddle and Caroline Merck represented Boston Properties in the deal. Marc Shapses and John Johnson of Savills Studley brokered the transaction for Peconic.

“Peconic was drawn to the spectacular city-wide views and exciting changes underway in the neighborhood surrounding 599 Lexington Avenue where Boston Properties is investing an additional $260 million at 399 Park Avenue and 601 Lexington Avenue, which are directly across from 599 Lexington,” Harle said in a prepared statement.

Boston Properties recently completed a $15 million renovation of 599 Lexington Avenue, which included a redesigned lobby by FXFOWLE upgrades to the interiors of the elevator cabs and a modernization to the mechanical systems.

Shapses and Johnson did not immediately respond to a request for comment via a spokeswoman for Savills Studley.


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.