Wealth Management Firm of Blackstone Co-Founder Moves Within Midtown
By Rebecca Baird-Remba November 6, 2017 11:31 am
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Peterson Management, which manages the family assets of Peter Peterson, a Blackstone (BX) Group co-founder and former Lehman Brothers chief executive officer, is heading to the former Citigroup headquarters on Park Avenue.
The firm will relocate from 26,000 square feet at Paramount Group’s 712 Fifth Avenue to 40,000 square feet of offices at Boston Properties’ 399 Park Avenue, The Real Deal reported. The outfit led by Peterson’s son, Michael Peterson, will set up shop in a penthouse-like space that includes outdoor terraces and a glass box constructed on top of the building’s setback. Rents in the 15-year lease start at $130 a square foot and rise to $150 a square foot towards the end of the term, according to TRD.
Seth Hecht of Cushman & Wakefield (CWK) and Joseph Conwell of Philadelphia-based GPX Realty Partners represented Peterson. (GPX Realty is a subsidiary of private investment firm GPX Enterprises, another company headed by Michael Peterson.) It wasn’t immediately clear who represented the landlord.
A spokesman for C&W declined to comment, and Boston Properties’ spokeswoman didn’t respond to a request for comment.
The wealth management company will relocate along with the nonprofit Peterson Foundation, which Peter Peterson launched in 2008 to focus on fiscal sustainability and national debt.
