HC Wainwright will relocate offices in Midtown East.
The investment bank dedicated to corporate finance and strategy advisory services will move from its offices at 570 Lexington Avenue to a 16,400-square-foot sublease in Midwood Properties’ 430 Park Avenue.
“HC Wainwright was looking to expand into a space that it could reformat to its precise specifications, and 430 Park was perfect,” said Corey Abdo, a broker at EVO Real Estate Group, in a prepared statement. “The space is already bifurcated, allowing HCW to separate its bankers, traders and research staff, according to SEC regulations.”
The investment bank will take the fourth floor space for the remaining duration of the lease, approximately two years. HC Wainwright also has the option to stay after the initial lease term ends.
Mr. Abdo brokered the transaction on behalf of HC Wainwright. Dana Pike of George Comfort & Sons, Inc. represented the sub-landlord who was not disclosed in the transaction.
The deal comes as one of the first to trickle into 430 Park Avenue after the showroom on the ground floor was removed. One of the few commercial spaces designed by Frank Lloyd Wright, the showroom had traditionally been leased by Mercedes-Benz since the 1950s. Last year marked the last of its lease in which the company decided to consolidate on 11th Avenue where it leases a larger showroom.
There was some speculation that the showroom would be listed as the city’s 115th interior landmark by the Landmarks Preservation Commission, but little came of it. Midwood Properties filed to demolish the showroom.
In April, all traces of the showroom were gone and RKF was brought in to lease the ground floor.