Financial advisory firm StormHarbour Securities will move into a 24,000-square-foot spread on the 29th and 30th floors of PBC USA Real Estate‘s renovated tower at 452 Fifth Avenue, the landlord announced today.
The London-based independent firm, which boasts a staff of nearly 200 and other offices in Lisbon, Madrid, Hong Kong, Singapore and Tokyo, signed an 11-year lease to relocate its New York City office before the second quarter of this year from its current 16,000-square-foot space at 140 East 45th Street.
PBC USA, the American arm of Israeli real estate company the Property and Building Corporation, bought the company’s future home next to Bryant Park between West 39th and 40th Streets for $330 million in April 2010 and has implemented a $45 million capital improvement program onsite, officials with PBC noted in a release.
“The StormHarbour lease is practically the final step in the realization of our vision for this trophy asset, allowing us to focus on our broader business plan of targeting unique acquisition opportunities and expanding our presence in the market,” said Eli Elefant, the chief executive officer of PBC USA, in a prepared statement.
PBC’s senior vice president of leasing and construction, Alicia Popper, represented the building ownership in the lease negotiations, along with a CBRE team led by Craig Reicher and Howard Fiddle. Barry Lewen, the executive managing director of Coldwell Banker Commercial Alliance, acted on behalf of the tenant.
“We were looking for a high-quality space that could accommodate StormHarbour’s growing requirement,” Mr. Lewen said. “The top two floors at 452 Fifth Avenue really represented the best of what was available and suited our needs.”
The building commands asking rents north of $100 per square foot, representatives said. The Wall Street Journal first reported the deal.