Financial services firm Sterne Agee has inked a 9-year expansion for 23,000 square feet at 277 Park Avenue, Andrew Sachs, executive director at Cushman & Wakefield, who represented the tenant, confirmed with The Commercial Observer. Asking rents in the building range from $65 to $85 per square foot depending on location, he noted.
Currently, Sterne Agee occupies 46,000 square feet in the building on the 24th and 25th floors. The new lease does not include a renewal for the previous space, according to Mr. Sachs. The firm moved to its current location in 2011.
“[Sterne Agee] is a fairly opportunistic organization that is seeing growth across a number of different business lines,” Mr. Sachs said. “It was a shrewd move on their part.”
Founded in 1901, Sterne Agee is headquartered in Birmingham, Alabama. The firm, which offers brokerage and investment banking services among other businesses, also has offices in over 20 other states.
The building at 277 Park Avenue was constructed in the 1960s by Emery Roth & Sons. The building is currently owned by Stahl. JP Morgan Chase is a large tenant in the building.
The tenant was represented by Mr. Sachs and Ben Shapiro of Cushman & Wakefield. The landlord was represented by Cassidy Turley through Peter Occhi and Peter Buckey. The lease was reported earlier this week by Crain’s.
Calls to Sterne Agee and Cassidy Turley were not immediately returned.