The 75-year-old factoring and commercial finance firm, Milberg Factors, Inc., will be expanding its unit at 99 Park Avenue.
The firm has occupied a 15,000-square-foot space on the 21st floor of the building but will taking over an additional 4,500 square feet on the 22nd floor, bringing its total occupancy to 19,500 square feet in the building.
“[Milberg Factors had] been in the building for 30 years,” said Jeffrey Peck, senior managing director at Studley and a broker in the transaction. “Grand central location, great lights and views.”
The new lease was set for twelve years and asking rent was set at $62 per square foot.
In addition to Mr. Peck, Daniel Horowitz of Studley represented the tenant and Paul Glickman and Dianna Biasotti of Jones Lang LaSalle represented the landlord, Eastgate Realty.
Eastgate Realty owns and operates first-class buildings in New York with notable buildings such as 120 Park, 410 Park, and the aforementioned 99 Park avenues in its portfolio. The building at 99 Park occupies the entire east side block of Park between 39th and 40th streets and has about 600,000 square feet of space. The building was designed by Emery Roth & Sons and completed construction in 1953.
Milberg Factors prides itself on its entrepreneurial philosophy and management structure that has been fundamental to their success over the past seven decades. The firm has expanded across the United States with offices in Winston Salem, North Carolina and Glendale, California.