Duff & Phelps Takes 90K SF in Direct Deal at Park Avenue Plaza
By Rebecca Baird-Remba September 20, 2018 12:21 pm
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Financial adviser Duff & Phelps has inked a 91,019-square-foot deal at Fisher Brothers’ Park Avenue Plaza.
The 16-year lease will move the company to the entire 15th, 16th and 17th floors of the 45-story building at 55 East 52nd Street in September 2019, the landlord announced in a press release. Duff & Phelps has occupied 62,400 square feet on a sublease from AON on the 30th and 31st floors since 2007.
Crain’s New York Business broke the news of the lease, which was completed two months after financial firm Evercore sealed a 350,000-square-foot renewal in the Midtown East tower in June via a contract that will run through 2034. Evercore is also transitioning from a sublease to a direct deal.
Fisher Brothers Partner Ken Fisher said that the landlord was “thrilled that Duff & Phelps has made a long-term commitment to maintain its global headquarters at Park Avenue Plaza and are pleased we were able to accommodate their continued growth.”
Mike Catalano, Greg Taubin and Pete Cento of Savills Studley represented Duff & Phelps in the transaction. Fisher Brothers was represented in-house by Marc Packman and Charles Laginestra.
“Well in advance of Duff & Phelps’s 2023 sublease expiration, we structured a forward-thinking direct lease transaction to align the firm’s new office space standards with its increasing footprint within Park Avenue Plaza, creating a solution for the firm’s near- and long-term needs,” Taubin said in prepared remarks.
Both leases help fill holes left by two major departing tenants at the 1.2-million-square-foot office tower. Private equity giant Blackrock is abandoning its space in the property for 850,000 square feet at Hudson Yards. And consulting firm McKinsey & Co will move 900 executives from Park Avenue Plaza to 186,000 square feet at 3 World Trade Center.
