CFC Capital Inks Lease at 521 Fifth Avenue
By Gus Delaporte March 4, 2014 7:30 am
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CFC Capital has signed a lease for the entire 10,640-square-foot 21st floor at SL Green (SLG)’s 521 Fifth Avenue, Commercial Observer has learned.
The tenant will pay rent starting the low-$60s per square foot in the 10-year deal, according to data from CompStak.
CFC Capital is currently headquartered in an office suite at 76 Progress Drive in Stamford, Conn. The firm operates two business lines: tax-enhanced specialty finance and sector-specific investment funds.
Kevin Segalla, a managing partner at the firm, confirmed the new lease, adding that the firm will use the space for one of its portfolio companies, Tilting Point, and to expand CFC Capital’s real estate business. CFC Capital owns and manages the world headquarters of NBC Sports Network, Chelsea Piers Connecticut and other properties.
“521 Fifth Avenue is a beautiful building in a great location,” he said. “We are really excited to have a presence in the city and to continue to grow our business.”
The 39-story office building at 521 Fifth Avenue boasts a contemporary lobby, renovated elevator cabs, corridors and restrooms. As reported by Commercial Observer, Mortgage Industry Advisory Corp. signed an eight-year, 20,897-square-foot sublease for the entire ninth floor at the building last year.
In 2012, SL Green agreed to sell a 49.5 percent minority equity interest in 521 Fifth Avenue to a venture between Quantum Global Real Estate and LaSalle Investment Management for $72 million.
Whitten Morris, Tara Stacom, Barry Zeller and Justin Royce of Cushman & Wakefield (CWK) represented the landlord in the leasing transaction. The tenant was represented by Sinclair Li and Dan Wilpon of CBRE (CBRE).
