Hubb NYC Properties Snags Nearly 12K SF at 579 Fifth Avenue
By Lauren Elkies Schram August 17, 2016 6:30 pm
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Real estate investment firm Hubb NYC Properties is relocating to 579 Fifth Avenue at the north corner of East 47th Street, Commercial Observer has learned.
Hubb NYC signed a 10-year lease for 11,655 square feet, spanning the entire fourth floor of Stawski Partners’ 150,000-square-foot, 17-story office building, JLL announced. The asking rent was $60 per square foot, according to a spokesman for JLL.
JLL’s Paul Glickman, Diana Biasotti, Benjamin Bass and Walter Rooney represented the landlord in the Hubb NYC deal. CBRE’s Joseph Fabrizi and Michael Affronti represented Hubb NYC. A CBRE spokeswoman didn’t immediately respond with a comment.
“Hubb NYC was looking for modern office space with a large-enough floor plate to accommodate its entire staff on one floor but had a tight timeframe to complete the transaction and relocate,” Glickman said in prepared remarks. “The tenant was particularly attracted by 579 Fifth Avenue’s proximity to Grand Central and the wide range of amenities in the surrounding neighborhood. We worked closely with Stawski Partners to meet the tenant’s real estate needs as well as its timeline for relocation.”
The real estate investment company will relocate to the building from 130 East 59th Street between Lexington and Park Avenues.
Stawski Partners recently completed a capital improvement program at the structure, which was originally designed by Emery Roth & Sons. The project included a two-story transparent glass storefront and a redesigned lobby. Hubb NYC will join Hollis Park Partners in the building. In December the hedge fund signed a 10-year lease for the entire 7,620-square-foot 15th floor, as CO reported this January.
