Investment Firm One William Street Moving to 299 Park Avenue [Updated]
The investment firm signed a 12-year lease for 29,754 square feet on the entire 25th floor of the 45-story tower between East 48th and East 49th Streets, The Real Deal first reported. Asking rent for the space was $95 per square foot, according to a source with knowledge of the deal.
Scott Gottlieb, Andrew Sussman and Benjamin Friedland of CBRE brokered the deal for the tenant. Fisher Brothers handled it in-house with Marc Packman and Charles Laginestra along with a Newmark Knight Frank team of David Falk, Peter Shimkin, Andrew Sachs, Eric Cagner and Andrew Peretz. A spokeswoman for CBRE declined to comment and a spokesman for NKF did not immediately respond to a request for comment.
One William Street Capital will upsize from its current 18,000-square-foot offices at Vornado Realty Trust’s 1290 Avenue of the Americas between West 51st and West 52nd Streets in spring 2019, according to a spokeswoman for Fisher Brothers and a source familiar with the building. It is one of several financial companies to recently ink deals at 299 Park Avenue including financial services firm B. Riley taking 29,173 square feet, commodity trader Traxys Group leasing 29,711 square feet and hedge fund King Street Capital Management’s 28,000-square-foot lease. A spokesman for Vornado declined to comment on One William Street Capital’s move.
Fisher Brothers will start work on a $20 million capital improvement plan at 299 Park Avenue—led by the Rockwell Group—that will redesign the lobby and building entrance along with adding an illuminated plaza, according to the landlord.
“The capital improvement program at 299 Park Avenue has been designed primarily to bring the prestige of the Plaza District directly into the tower and the reaction to our plans from current and prospective tenants has been overwhelmingly positive,” Winston Fisher, a partner of Fisher Brothers, said in a statement. “We are pleased to welcome One William Street Capital to 299 Park Avenue and know that its esteemed professionals will benefit from the progressive environment we are cultivating at the tower.”
With additional reporting provided by Lauren Elkies Schram.
Update: This story has been edited to reflect that One William Street Capital Management is currently in 18,000-square-foot offices.