Financial Services Firm Grabs Space at SL Green’s Building in Midtown
KGS-Alpha Capital has closed a 22,368-square-foot deal at the 490,710-square-foot 521 Fifth Avenue between East 43rd and East 44th Streets.
The firm signed a five-year lease for the third floor of the SL Green (SLG) Realty Corp.-owned 39-story building, according to a spokeswoman from Savills Studley, which brokered the deal on behalf of KGS. The asking rent was $70 per square foot, according to The New York Post, which first reported news of the deal.
The financial services brokerage will move from its current offices at 601 Lexington Avenue between East 53rd and East 54th Streets. It occupies 30,249 square feet on the 44th floor of the 59-story Boston Properties (BXP) building, according to CoStar Group.
KGS is slated to relocate on Jan. 1, 2017, CoStar indicates.
Tara Stacom, Barry Zeller, Justin Royce, Matthias Li of Cushman & Wakefield (CWK) represented the landlord and did not respond to a request for comment via a spokesman. Jeffrey Peck, Daniel Horowitz and Chris Foerch of Savills Studley represented the tenant.
“It was imperative that KGS-Alpha find a convenient location that would enable talent recruitment, easy access to public transport and be in close proximity to desirable amenities such as restaurants and retail,” Peck said in a prepared statement. “The Grand Central submarket fulfilled these requirements.”
It wasn’t clear whether the firm was reducing its footprint because of downsizing or efficiency.
Retail tenants at 521 Fifth Avenue include Equinox Fitness and Urban Outfitters.