Brokerage BTIG Partners Nabs 65K SF at Park Avenue Tower
Financial brokerage BTIG Partners is moving north and east to the Plaza District.
The 15-year-old institutional brokerage and trading firm inked a 65,000-square-foot lease at EQ Office’s 65 East 55th Street, otherwise known as Park Avenue Tower, according to information from CoStar (CSGP) Group. The 15-year deal encompasses the second, third and fourth floors of the 36-story building between Park and Madison Avenues. BTIG also took ground floor space for a private entrance, per The Real Deal, which broke news of the lease.
Asking rents in the deal weren’t disclosed, but Commercial Observer reported in December 2017 that asking rents hovered around $135 to $140 a square foot.
BTIG will relocate from Durst Organization’s 825 Third Avenue, where it occupies 19,244 square feet on the seventh floor via a sublease. It plans to decamp the 40-story office tower between East 50th and East 51st Streets in November, CoStar indicates.
Neil Goldmacher, Brian Goldman and Chris Mongeluzo of Newmark (NMRK) Knight Frank represented BTIG in the transaction. Newmark’s Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski and Lance Korman handle leasing at the 38-story Park Avenue Tower. A spokeswoman for NKF didn’t return a request for comment, and a spokeswoman for EQ Office declined to comment on the deal.
Other major deals signed at 65 East 55th Street recently include merchant bank Raine Group, which nailed down 33,000 square feet there in December, and Monday Properties, which took 16,000 square feet.