Three Financial Services Firms Ink New Office Leases at 600 Lex
SL Green (SLG) Realty Corp. has signed three new financial services tenants at its 600 Lexington Avenue office tower in Midtown East, the real estate investment trust announced today.
In the largest deal, investment banking advisory firm GLC Advisors & Co. took 12,487 square feet comprising the entire ninth floor of the 36-story, 305,000-square-foot property on the northwest corner of East 52nd Street. GLC signed the seven-year lease, which will commence in December, late last month and will move to 600 Lexington Avenue from its current location at Cohen Brothers Realty Corp.’s 805 Third Avenue.
Private equity firm NexPhase Capital, meanwhile, inked a five-year lease for the entire, 8,607-square-foot 12th floor at the building. The deal, which was signed this week, is anticipated to commence at the beginning of November and will see NexPhase relocate from Boston Properties’ 399 Park Avenue.
Finally, alternative investment manager KCL Capital signed a five-year deal to take the entire 6,780-square-foot 28th floor at 600 Lexington Avenue. The transaction was sealed late last month, with KCL’s lease expected to commence in the middle of October. The company’s current location was not disclosed.
Asking rent in the transactions ranged from the low $70s to mid-$80s per square foot, according to sources with knowledge of the deals. A JLL (JLL) team of Paul Glickman, Diana Biasotti, Jonathan Fanuzzi and Ben Bass represented SL Green in the transactions. Daniel Posy and Jason Roberts of Savills Studley handled the GLC and KCL leases for the tenants, while Newmark (NMRK) Knight Frank’s Brian Goldman and Eric Cagner worked on behalf of NexPhase.
The deals take 600 Lexington Avenue to “nearly 99 percent occupancy,” Steven Durels, SL Green executive vice president and director of leasing and real property, said in a statement. Durels added that the building’s “efficient, small floors with floor-to-ceiling windows and white glove service” have proven “highly appealing to upscale tenants.”
Tenants at the property include hedge funds MKP Capital Management, Element Capital and LibreMax Capital.