Investment Advisory Firm Relocating to 640 Fifth Avenue
Lauren Elkies Schram May 15, 2015, 1:30 p.m.
HS Management Partners will be relocating its corporate headquarters to a larger space at 640 Fifth Avenue at the northwest corner of West 51st Street, Commercial Observer has learned.
The 100 percent employee-owned investment adviser has signed a 10-year deal for 10,523 square feet on the 18th floor in the 22-story Vornado Realty Trust building, according to Savills Studley, which advised HS Management Partners on the transaction. Asking rents ranged from $110 to $115 per square foot.
HS Management Partners is expected to move from its current 5,620-square-foot digs at 598 Madison Avenue off of East 57th Street at the end of 2015.
Savills Studley’s Paul Revson, Zev Holzman and Chase Gordon secured the off-market space on behalf of the financial services firm.
“640 Fifth Avenue offered the rare opportunity for HS Management Partners to move into an existing build-out within the prestigious Fifth Avenue corridor,” Mr. Revson said in prepared remarks.
According to Mr. Gordon, HS Management Partners wanted to occupy one floor without co-tenants in an effort to maintain a similar culture and work environment, while still enabling for future growth. The existing design of perimeter offices, conference rooms and trading areas was ideal.
Jared Solomon of Vornado Realty Trust represented the landlord in-house. A spokesman for Vornado didn’t immediately respond to a request for comment.
The building is a 325,000-square-foot Class A office tower. CO reported last month that New York-based investment advisory firm Owl Creek Asset Management signed an early lease renewal for 17,588 square feet at 640 Fifth Avenue. Other major tenants include Hitchwood Capital Management, Greentech Capital Advisors, Exane and Fidelity Investments Real Estate.