Impact Republic Relocates to 386 Park Avenue South
Michael Ewing Aug. 5, 2013, 9 a.m.
Impact Republic is set to relocate along Park Avenue South, The Commercial Observer has learned.
The investment management firm has inked a 10-year deal for the 18th floor spanning 11,607 square feet of 386 Park Avenue South. The firm will relocate from 235 Park Avenue South where it had previously operated its offices.
“Impact Republic sought high-quality office space that would enhance the image of the newly launched company,” said Alexander Chudnoff, vice chairman of Jones Lang LaSalle. “The investment management firm’s new space on the 18th floor offers terrific views of Manhattan and includes the use of two terraces.”
Mr. Chudnoff joined colleague Adam Haber in representing the tenant. The pair worked with CBRE and the William Macklowe Company, which recently acquired the building, to finalize the lease.
William Macklowe’s purchase traces back to last summer when he bought the building from the majority owner Savanna and minority owner Monday Properties for upwards of $110 to $120 million. The acquisition was followed by a capital improvement program, as Mr. Chudnoff further noted, and included a renovation of the facade, elevators, front entrance, and lobby.
The 260,000-square-foot building was approximately 60 percent occupied. CBRE’s super-brokers Paul Amrich and Neil King were brought in to board up the rest of the building and shift direction from “legacy tenants” toward start-ups, as The Commercial Observer reported last fall.
The effort has attracted firms likes Profero and MoPub, which each took a 13,121-square-foot office in the building.
The asking rents are requested between $50 and $60 per square foot.