IMC Asset Management Expands, Relocates at 500 Fifth Avenue
Gus Delaporte Aug. 14, 2013, 7:45 a.m.
IMC Asset Management has signed a 10-year, 5,904-square-foot lease for the entire 56th floor at 500 Fifth Avenue. The company, headquartered in the Netherlands, will relocate within the building, where asking rents were in the high-$70s per square foot.
The global asset manager, with approximately €1 billion under management, explored alternative locations in Midtown, according to Michael Affronti of CBRE, but settled on expanding within 500 Fifth Avenue.
IMC Asset Management is a division of the IMC Group, which includes both the asset management business and IMC Financial Markets, a proprietary trading group. The company employs over 600 people worldwide at offices in Amsterdam, Zug, Chicago, Sydney, Hong Kong and New York.
The New York office hosts both the U.S. structured debt and global quantitative strategy teams. The company’s products include the IMC US Mortgage Fund, focused on non-agency RMBS bonds with prior downgrades.
As reported by The Commercial Observer, the University of Oxford signed a 10,346-square-foot renewal at 500 Fifth Avenue earlier this year. Last year, law firm Lankler Siffert & Wohl renewed and expanded to 27,872 square feet.
Mr. Affronti and Silvio Petriello of CBRE represented the tenant in the transaction. Harry Blair and Sean Kearns of Cushman & Wakefield represented the landlord, 500 Fifth Avenue Inc.