Private Equity Fund Administrator Picks Up Meredith Space at 805 Third Avenue
With Meredith Corporation having moved its digs to Brookfield Place, it’s had a lot of space to sublease in Midtown East—200,000 square feet to be exact. Well it has found another taker of 48,000 square feet of it: Gen II Fund Services, a private equity fund administration firm.
The U.S.-based, private equity fund administrator will relocate its headquarters to the entire 24th and 25th floors of 805 Third Avenue between East 49th and East 50th Streets after renovations are completed at the property later this year, according to a CBRE (CBRE) release. Gen II won’t have far to move as it’s currently based across the street at 825 Third Avenue.
The deal in the Cohen Brothers Realty building was signed in late June and the company will move in on Sept. 1, as per a CBRE spokeswoman. She declined to provide the terms of the sublease, only saying that the transaction was “long term.” According to The New York Post, which broke the news about the deal, the asking rent was $63 per square foot.
CBRE’s William Iacovelli represented Gen II Fund Services in the sublease, and JLL (JLL)’s Frank Doyle and Randy Abend represented Meredith. A spokesman for JLL didn’t respond with a comment from the brokers.
“Gen II is an industry leading private equity fund administration firm that had outgrown its office space at 825 Third Avenue,” Iacovelli said in a statement. “The 24th and 25th floors of 805 Third Avenue provided the space and the open layout that Gen II needed to accommodate its current employees and to plan for future growth. The building also allowed Gen II to remain in the Midtown East neighborhood, where they can continue to be easily accessible to clients and to employees.”
Meredith left its Midtown offices after it acquired Time Inc. earlier this year and relocated to the latter’s Downtown digs at 225 Liberty Street in Brookfield Place. Of its nearly 200,000 square feet in 805 Third Avenue, Kroll Bond Rating Agency assumed 95,200 square feet in May.