EXCLUSIVE: Irving Place Capital Takes 23,000 at 745 Fifth Avenue
Jotham Sederstrom Dec. 8, 2011, 10 a.m.
Irving Place Capital, an investment fund, has leased the seventh floor of 745 Fifth Avenue sources say. The firm will be moving to the space, which is 23,000 square feet, from 277 Park Avenue, where it was subleasing from the bank JP Morgan Chase.
Irving Place will pay rents in the $80s per square foot for the new office according to one person with knowledge of the deal. 745 Fifth Avenue is considered a high end building but the space that Irving Place agreed to lease comes with an added perk. The office is one among a handful of spaces at 745 Fifth Avenue that is equipped with a working outdoor terrace, providing views of nearby Central Park, a coveted amenity.
The pricey transaction is one among a number of recent leases in the Manhattan portfolio of the Paramount Group, a German based real estate investment firm that owns 745 Fifth Avenue as well as a number of other trophy properties in the city.
Credit Agricole, a large French bank, recently renewed its large 350,000 square foot lease at another Paramount property, 1301 Avenue of the Americas, in what was one of the biggest leasing transactions of the fourth quarter. In recent weeks, DG, a media services company, reached a deal to take about 90,000 square feet at another Paramount building, 1633 Broadway.
Brian Goldman, an executive with Newmark Knight Frank, represented Irving Place in the deal at 745 Fifth Avenue along with fellow Newmark executive Neil Goldmacher, a specialist in high-priced commercial rental deals. Neither could be reached by press time. Ted Koltis, a leasing executive at Paramount who handles deals for the company, also wasn’t available. A representative from Irving Place also didn’t return calls by press time.
Dan Geiger, Staff Writer, is reachable at DGeiger@Observer.com