Investment Management Firm Ups Its Footprint at 110 East 59th Street
By Nicholas Rizzi December 14, 2018 5:06 pmreprints
RP Management, which manages investments for pharmaceutical royalties firm Royalty Pharma, expanded its offices at 110 East 59th Street, Commercial Observer has learned.
The firm signed a 10-year deal to renew its space in Jack Resnick & Sons’ 37-story tower between Park and Lexington Avenues and will take another 13,284 square feet on the entire 28th floor, a spokeswoman for the landlord said. Asking rents in the building are in the $90s per square foot.
The deal brings RP Management’s total footprint in the building to nearly 30,000 square feet and it already occupied the 33rd floor and parts of the 32nd floor since 2011, the spokeswoman said.
“We take pride in our hands-on management and are always working to put smart capital back into our properties” Jonathan Resnick, the president of Jack Resnick & Sons, said in a statement. “We view this renewal and expansion as a vote of confidence in our efforts.”
Brett Greenberg and Fran Delgorio handled the deal in-house for the landlord while the tenant had no brokers, according to the spokeswoman.
Jack Resnick & Sons built the W.M. Lescaze-designed tower in 1968 and recently completed a $25 million renovation of the building to replace the original brick facade with an aluminum rain-screen system, according to the landlord. It also plans to modernize the elevator system, build a new cooling tower and emergency generator and add a green roof to the tower.
The landlord also secured a $205 million loan from MetLife Investment Management to refinance the Midtown East building in April, as CO previously reported.
RP Management’s expansion makes the 612,000-square-foot building fully leased, the landlord said. Other tenants in the building include brokerage Cantor Commercial Real Estate, Estée Lauder Companies and the New York Public Library.