Financial Advisory Company Evercore Expands Its Park Avenue Plaza Office
Financial firm Evercore is growing its global headquarters in Park Avenue Plaza at 55 East 52nd Street.
The company will more than double its current space in the building to 350,000 square feet and extend its lease through 2034, according to the press release. As it does, it will consolidate its New York offices into the building, leaving space at 666 Fifth Avenue.
Evercore currently occupies 150,000 square feet at 55 East 52nd Street between Park and Madison Avenues, but will gradually grow into the additional space on a rolling basis though 2023. The price per square foot was in the low hundreds, according to a source familiar with the transaction.
The firm has been in Park Avenue Plaza since 2006.
The landlord, Fisher Brothers, was represented in-house by Charles P. Laginestra and Marc S. Packman, and by CBRE’s Howard Fiddle, Roger Griswold, Christie Harle, Benjamin Joseph and Peter Turchin. A spokeswoman for CBRE did not immediately respond to a request for comment. Evercore was represented by Alan Desino of Colliers International. Desino declined to comment.
“Our business has grown substantially over the years and we continue to have strong momentum,” Ralph Schlosstein, the CEO of Evercore, said in prepared remarks. “We are pleased to partner with Fisher Brothers in developing and implementing a strategy that allows us to bring our team together at Park Avenue Plaza.”
Fisher Brothers Partner Winston Fisher praised “the sustained strength of the Midtown market,” in a statement, and noted that top financial firms “continue to be drawn to [the building’s] proximity to top corporate headquarters, fine dining establishments, high-end retail stores and convenient access to mass transit.”
Crain’s New York Business first reported on the deal in June when it was in negotiations.