Coral Reef Fund Migrates to Rock Center
Worldwide energy investment company the Coral Reef Fund has relocated its headquarters roughly five blocks west to Tishman Speyer‘s 45 Rockefeller Plaza, Commercial Observer has learned.
The company, which invests in oil, gas and other natural resources, moved last month from a smaller space at 757 Third Avenue by signing a 4,940-square-foot lease for a suite on the 23rd floor in the property that’s also known as the International Building and 630 Fifth Avenue, officials with Colliers (CIGI) International said. The space commanded an asking rent of $72 per square foot, they noted.
“The attractiveness of the space is that it was a plug-in play,” said Colliers broker Charles Goldberg. “It was pre-built, it had furniture in place and it was ready for them. They’re a fast-growing company. They needed to make a deal in short order.”
Mr. Goldberg represented the tenant in the transaction, while Joshua Winslow of Winslow & Co. acted on behalf the landlord. The energy investment firm has moved into space formerly occupied by a company named RPM which had been exploring acting as the sublandlord of the premises. But Tishman agreed to break the previous lease and sign a 2-year and seven-month direct lease with the landlord, Mr. Winslow said.
“This is one of those ‘deals of the year’ things, or it ought to be, because of all the work that went into it,” Mr. Winslow said. “I give credit to Tishman Speyer for being open to the deal we proposed and being creative in working with us.”