Network Service and Small Biz Lender Among Slew of Tenants Signing at Tower 45
By Liam La Guerre May 1, 2017 11:18 am
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As Kamber Management Company continues its $20 million renovation of 120 West 45th Street, also known as Tower 45, the landlord has signed a series of leasing deals with tenants, Commercial Observer has learned.
The biggest deal was with Coleman Research Group. The company, which focuses on helping private equity firms, and mutual and hedge funds connect to industry experts, has signed a renewal to continue to occupy the entire 13,198-square-foot 25th floor of the 40-story building.
Chris Adamo and Jon Nugent of CBRE represented Coleman Research Group in the deal. The New York-headquartered company has international offices in London, Hong Kong and Poland, and across the United States in Boston, San Francisco and Raleigh, N.C. A spokeswoman for the CBRE brokers declined to comment on the deal. The asking rent in the two-year lease was not immediately clear.
In the second largest deal, Strategic Funding, a business development service that lends capital to small businesses, will expand at Tower 45 to more than 26,000 square feet.
Strategic Funding has inked a 10-year deal for 10,093 square feet for the entire fifth floor. The asking rent was not immediately clear in this deal either. Strategic Funding currently occupies about 16,000 square feet in the building, comprising the entire second floor and part of the sixth floor, according to CoStar Group. Besides its New York headquarters, Strategic Funding has offices around the country in Texas, Virginia, Washington and Florida.
Benjamin Blumenthal of Norman Bobrow & Company, who represented Strategic Funding in the transaction, did not return a request for comment.
Recently, the landlord signed a range of smaller renewals and new deals in the building, including Scott Rudin Productions’ renewal of 4,914 square feet for three-years; NH Investments new 10-year lease for 3,795 square feet; and CapGen Capital Advisors’ two-year deal for 3,648 square feet.
“These leases and renewals align with the building improvements underway, and demonstrate Tower 45’s position as one of the premier office buildings in Midtown Manhattan, located in a highly sought-after office market in the United States,” Steven Levy, managing principal of Kamber Management, said in prepared remarks.
Levy handled negotiations for the landlord in-house in all of the leases alongside an Avison Young team led by Mitti Liebersohn.
Kamber Management purchased the 458,000-square-foot building from SL Green Realty Corp. in September 2015 for $365 million. It then began the renovation, which includes upgrades to the buildings infrastructure, common areas, atrium and lobby, as CO previously reported.
