Consulting Firm Ankura Expands by 30K SF at 485 Lexington Avenue
Business consulting firm Ankura Consulting Group is doubling the size of its offices at 485 Lexington Avenue to nearly 60,000 square feet after inking a roughly 30,000-square-foot expansion at the SL Green Realty Corp.-owned Midtown East office tower, Commercial Observer has learned.
Ankura signed a 15-year lease last month to take an additional 29,698 square feet at the 32-story, 930,000-square-foot building between East 46th and East 47th Streets, according to sources with knowledge of the transaction. The expansion grows the advisory firm’s total footprint at the property to 59,272 square feet across the ninth and 10th floors.
The deal comes nine months after Ankura agreed to a 15-year, 29,574-square-foot lease to relocate to 485 Lexington Avenue from another SL Green building in Midtown East, 750 Third Avenue. Ankura moved into that 10th-floor space in August, and is expected to take occupancy of its new space on the ninth floor in January 2019.
Asking rent in the deal was $69 per square foot, according to sources with knowledge of the transaction. Don Preate of JLL represented the tenant in negotiations, while JLL’s Paul Glickman, Ben Bass, Diana Biasotti and Jon Fanuzzi represented the landlord.
Steven Durels, an executive vice president and director of leasing and real property at SL Green, said in a statement that the Ankura expansion “affirms our desire to work collaboratively with our tenants to accommodate their rapidly changing space needs.”
Philip Daddona, Ankura’s co-president, added in a statement that the landlord “demonstrated that they truly value our relationship” by working with the firm on expanding its offices at the building. The consulting firm advises its business clients in areas including corporate restructuring, bankruptcy, litigation, corporate investigation and forensic accounting.
A spokesman for JLL did not immediately provide comment.
Other office tenants at 485 Lexington Avenue include insurance firm The Travelers Companies, investment management firm Offit Capital Advisors and law firm Phillips Nizer, which agreed to expand to more than 53,000 square feet earlier this year, as CO reported in April.