Real Estate Firm GTIS Partners Takes 29K SF at 787 Seventh Avenue
Real estate investment firm GTIS Partners has agreed to move its Manhattan headquarters to 787 Seventh Avenue after agreeing to a 28,677-square-foot lease at the Midtown office tower.
GTIS is leasing the entire 50th floor at the 54-story, 1.7-million-square-foot skyscraper between West 51st and West 52nd Streets, also known as the AXA Equitable Center, The New York Post reported this week. The company will relocate to the property from its current office on the 31st floor of Tishman Speyer’s 45 Rockefeller Plaza at nearby Rockefeller Center.
In addition to large arched windows providing views of the city skyline, the space also features ceiling heights of up to 40 feet and a 51st-floor mezzanine accessed by private elevators, the Post reported.
Asking rent for the space was in the triple digits and featured “strong” tenant concessions, according to the publication. CoStar Group data indicate that the 10-year lease, which was signed this past spring, was inked at a starting rent of $75 per square foot and an effective rent approaching $78 per square foot.
A CBRE team of Rocco Laginestra, Michael Laginestra and Scott Gottlieb represented the tenant, while CBRE’s Howard Fiddle and Keith Caggiano represented the landlord, pension fund manager CalPERS and its external investment manager CommonWealth Partners.
The California-based firms acquired 787 Seventh Avenue from AXA Financial for $1.9 billion in early 2016, in one of the largest commercial property transactions in the city’s history. They financed the purchase with a $780 million mortgage from Deutsche Bank, as Commercial Observer reported at the time.
A CBRE spokesman declined to comment on the GTIS lease.
Other tenants at 787 Seventh Avenue include financial services firms BNP Paribas and UBS, as well as law firms Willkie Farr & Gallagher and Sidley Austin.