Lease Beat

Intermediate Capital Group Takes New Space at 600 Lexington Avenue

Asset management firm Intermediate Capital Group (ICG) has signed a 10-year lease to move from 250 Park Avenue to 600 Lexington Avenue, The Commercial Observer has learned.

The company will be taking the entire 24th floor in the SL Green-owned building, at a size of 7,000 square feet.

The asking rent is $85 a square foot.

600 lexington avenue Intermediate Capital Group Takes New Space at 600 Lexington Avenue

600 Lexington Avenue (courtesy of Property Shark)

David Hollander and Sam Seiler, both of CBRE, represented ICG in the deal. Paul Glickman of Jones Lang LaSalle represented SL Green.

Calls to CBRE were not returned. Mr. Glickman did not respond to an email requesting comment by press time.

ICG will be moving out of its 8th floor suite of 250 Park Avenue, a LEED-EB Gold building owned by See Park Av 250 and AEW Capital Management, L.P, according to CoStar.

ICG structures and provides mezzanine finance, leveraged credit and minority equity, and manages over $15 billion in assets, according to its website. The firm has offices in London, Madrid, Hong Kong and Stockholm.

SL Green, along with Hines US Core Office Fund, purchased 600 Lexington Avenue in 2010 for $193 million, or $636 a square foot, according to published reports.
The building was nearly 94 percent occupied during the time of the purchase, but was expecting over half of those leases to expire by 2013.

600 Lexington Avenue’s vacancy rate shot up from 17.5 percent in the fourth quarter of 2011 to 25.1 percent the first quarter 2012, according to CoStar.

drosen@observer.com