Financial Software Firm PitchBook Expands in Midtown South
By Rebecca Baird-Remba January 23, 2019 4:46 pm
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Financial information company PitchBook Data is taking over another floor at Columbia Property Trust’s 315 Park Avenue South, a century-old office tower by Madison Square Park.
The Morningstar subsidiary has inked a deal to expand its footprint by 17,000 square feet, to 51,000 square feet from 34,000 square feet, according to the landlord. PitchBook moved in last May after signing an 11-year lease for the entire 13th and 14th floors of the building. Its new space will include the entire 15th floor. Asking rents in the building range from the low $90s to just over $100 a square foot, per Columbia Property Trust.
With PitchBook’s latest deal, the 20-story, 331,000-square-foot building between East 23rd and East 24th Streets is now fully leased. Other tenants include software company Oracle, Bustle parent company BDG Media, branded content producer Fullscreen Media, cryptocurrency exchange Gemini Trust and Equinox gym.
Columbia Property Trust just finished a $10 million renovation of the building, including a cleaned and repointed facade, a new white lobby and new windows.
“When we acquired the building in early 2015, Credit Suisse, whose headquarters is across the street at 1 and 11 Madison, they were the primary tenant here but they were in the process of contracting and relocating across the street,” explained Columbia Property Trust CEO Nelson Mills. “We knew a lot of the building would be expiring and rolling over in the three years following our acquisition, so we did a substantial building renovation. We’ve released 17 of the 20 floors over the past four years with a nice roll-up and increase in rents.”
L&L Holding Company manages the property and its leasing. L&L’s David Berkey and Andrew Wiener represented the landlord in the transaction, and Sam Spillane and Michael Liss of CBRE (CBRE) handled the deal for the tenant. Spokespeople for both sides didn’t immediately respond to requests for comment.
