Lebenthal Wealth Advisors Inks Helmsley Building Sublease
Gus Delaporte April 8, 2014, 7:30 a.m.
Lebenthal Wealth Advisors has signed a six-year, 43,295-square-foot sublease from HSH Nordbank at the Helmsley Building at 230 Park Avenue, Commercial Observer has learned.
The subtenant will sublease the 31st and 32nd floors of the building while HSH Nordbank consolidates and relocates to the 34th floor. The sublandlord, a northern European commercial bank headquartered in Hamburg, Germany, operates its capital markets, shipping and restructuring business units in New York.
“Our team was confident that demand for this renowned space would be strong and brokered a deal within six weeks,” said Peter Occhi, a managing director at Cassidy Turley, who represented HSH Nordbank, in a prepared statement. “In fact, our team solicited four other potential tenants for the space within three weeks of marketing it. Lebenthal Wealth Advisors is moving into an iconic and landmarked property with a sprawling space that is exquisitely built-out and will not require any additional work.”
Launched in October of last year, Lebenthal Wealth Advisors is the private wealth advisory division of Lebenthal Holdings, a nearly 90-year-old financial services business. The wealth advisory business is expected to relocate from the 15th floor of 521 Fifth Avenue.
Mr. Occhi, who was not available for further comment, represented the sublandlord alongside Stephen Bellwood, Theodora Livadiotis and Emily Bush. Silvio Petriello and Nicolas Weld of CBRE represented Lebenthal Wealth Advisors.