Shufro, Rose & Co. Remain at 745 Fifth Avenue
Michael Ewing Sept. 17, 2012, 7:10 a.m.
Shufro, Rose & Co. will remain at the historic 745 Fifth Avenue.
The independent asset management firm has renewed its lease at the Paramount Group-owned building. The firm initially moved into the 10,400-square-foot office that occupies the entire 26th floor in 1988.
“[Shufro, Rose & Co.] did consider [relocation] options but they ultimately decided to renew,” explained Rob Martin, a broker and vice chairman at Jones Lang LaSalle. “They like the views, the terrace and ownership. The building is well-maintained.”
Mr. Martin represented both parties in the transaction with assistance from associate Matt Felice on the tenant side and associate Brad Lane on the landlord side.
The lease renewal is set for five years with the asking rent around $105 per square foot.
Located on the southeast corner of 58th Street in Midtown, 745 Fifth Avenue was designed by Buchman & Kahn and constructed in 1930. Though the outside of the building remains white, the lobby features white marble, bronze, and a ceiling mural of a map of Manhattan by Arthur Covey.
The building has a history of prominent ground floor tenants starting with Reuben’s Restaurant & Delicatessen occupying the space for over two decades. Even the iconic F.A.O. Schwartz held its toy store there until it moved and Bergdorf Goodman’s men collection grabbed the space.