Artisan Partners has expanded their presence at RXR‘s 1330 Avenue of the Americas.
The independent investment management firm moved into the building a year ago taking the entire 10,000 square feet on the 31st floor. Recent growth has led the firm to take another 5,800 square feet on the 27th floor.
“We are pleased to see one of our newest tenants expand their presence in the building by more than 50 percent,” said William Elder, an executive vice president and managing director of RXR’s New York division. “Despite the suggestion that the financial services sector is shrinking in New York, we are beginning to see some of the well-run, moderate and smaller firms begin to explore and expand their footprints throughout our portfolio.”
Artisan Partners, as of the end of September, held about $70 billion dollars in assets with principal offices in San Francisco, Atlanta, London, Milwaukee, and, of course, New York.
The firm was initially attracted to the building because of the “quality of the building and finishes [and] the boutique nature of asset and floor plate,” explained Mr. Elder.
Eric Deutsch of CBRE represented the tenant and an in-house broker represented RXR in the transaction.
“[RXR] just finished a 15 million dollar capital improvement project,” Mr. Elder further noted. “[There is a] new public plaza and garage and other exterior building enhancements.”
RXR, based out of Uniondale, New York, bought the building in 2010. The occupancy rate is about 85 percent in the building with Pearson PLC, the owner of the Financial Times, occupying a fourth of the building.