Private Equity Firm Relocating to 31K SF Space Within Midtown
By Rey Mashayekhi March 2, 2017 2:55 pmreprints
Private equity firm Welsh, Carson, Anderson & Stowe has signed a 31,000-square-foot lease at 599 Lexington Avenue in Midtown and will relocate from its current offices a few blocks away on Park Avenue.
The private equity firm agreed to an 11-year lease for portions of the 50-story, 1.1-million-square-foot property’s 17th and 18th floors, according to The Real Deal. Asking rents for the space range from the low-$80s to mid-$80s per square foot.
Boston Properties, the nation’s largest office real estate investment trust, owns 599 Lexington Avenue, which sits between East 52nd and East 53rd Streets and was nearly 97 percent leased according to the REIT’s most recent filings with the U.S. Securities and Exchange Commission.
Welsh Carson will relocate from the 30,000 square feet it currently occupies at Mutual of America Life Insurance Company’s 320 Park Avenue between East 50th and East 51st Streets. The private equity firm specializes its investments primarily in the healthcare and technology sectors.
A CBRE team of Peter Turchin, Christie Harle, Arkady Smolyansky, Evan Fiddle and Caroline Merck handles leasing at 599 Lexington Avenue on behalf of Boston Properties while CBRE colleagues Mary Ann Tighe, Ken Meyerson and Ben Friedland represented Welsh Carson. A CBRE spokeswoman confirmed the deal but declined to comment further.
Other tenants at 599 Lexington Avenue include financial services firms Fort Management and Cowen Group, in addition to law firms Kirkpatrick & Lockhart and Grunfeld DeSiderio Lebowitz Silverman & Klestadt.