An investment management firm has inked a deal to move and expand its offices to new digs across Park Avenue, Commercial Observer has learned.
Octagon Credit Investors has signed a 10-year lease for office space at 250 Park Avenue between East 46th and East 47th Streets, according to a press release from Cushman & Wakefield, which represented both sides in the deal.
The company, which is currently based across the street at 245 Park Avenue, is taking 16,304 square feet on part of the 15th floor. Asking rent in the deal was $67 per square foot, according to the release.
“Given our intimate understanding of 250 Park Avenue, we knew the building’s unique blend of value, location, infrastructure and a quality landlord would appeal to Octagon,” said David Hoffman of C&W, who worked on both sides of the deal, in prepared remarks. “Like many other boutique financial services companies whose employees commute through Grand Central Terminal, 250 Park Avenue is an ideal location for Octagon.”
Mr. Hoffman represented the tenant with colleague Bryan Boisi, and the landlord, AEW Capital Management, with Robert Billingsley and Whitnee Williams.
Octagon was recently purchased by insurance financing giant Conning & Company. The office at 250 Park Avenue will serve as an independent office for the company. Its new offices will be a significant upgrade in the size of space from what the company leases at 245 Park Avenue, where CoStar Group lists it has 3,000 square feet. Octagon is currently based at 245 Park Avenue with its former parent company, CCMP Capital Advisors.