Financial Firm B. Riley Inks 29K-SF Deal at 299 Park Avenue
Financial services firm B. Riley Financial has agreed to a lease for 29,173 square feet at Fisher Brothers’ 299 Park Avenue, Commercial Observer has learned, in a deal that will see the tenant remain in the Midtown East building while relocating to a new full-floor space.
B. Riley signed a 10-year deal for the entire 21st floor at the 42-story, 1.2-million-square-foot office tower between East 48th and East 49th Streets, according to sources with knowledge of the transaction. Asking rent was $95 per square foot.
The firm is expected to move into its new offices this August from its current 28,320-square-foot location spanning the entire seventh floor of the building. Los Angeles-based B. Riley inherited the seventh floor footprint through its June 2017 acquisition of investment banking and brokerage firm FBR & Co., which had occupied the space since 2004.
“After considering other alternatives in the area, [B. Riley] determined this location provided the level of quality and service best suited for their needs,” Fisher Brothers Partner Winston Fisher said in a statement. Bryant Riley, B. Riley’s chairman and CEO, added in a statement that the company was seeking an environment for clients and employees that “meets our standards” and that “299 Park Avenue proved to be the right fit for us.”
Jared Horowitz and Justin Pollner of Newmark (NMRK) Knight Frank represented the tenant in the deal, while Marc Packman and Charles P. Laginestra represented Fisher Brothers in-house. Representatives for NKF did not immediately provide comment.
The deal with B. Riley takes 299 Park Avenue to more than 90 percent leased, according to Fisher Brothers. The landlord has signed a slew of financial services tenants at the property in recent months, including commodities trader Traxys Group, which agreed to take nearly 30,000 square feet; hedge fund King Street Capital Management, which inked a 60,000-square-foot deal; and asset manager Varagon Capital, which signed a roughly 28,000-square-foot lease. Other tenants at the property include major banking firms UBS and Capital One.
Fisher Brothers is set to kick off a $20 million capital improvement program at the 1967 building later this year. The Rockwell Group-helmed renovation will yield a redesigned lobby and building entrance and an illuminated plaza backed by a new exterior lighting system, according to the landlord.