Asset Manager PineBridge Relocating to Three Full Floors at Park Avenue Tower
The company signed a 15-year lease for 57,533 square feet on the entire fifth, sixth and seventh floors at 65 East 55th Street between Park and Madison Avenues, The New York Post first reported. PineBridge, which currently has two full floors at 399 Park Avenue between East 53rd and East 54th Streets, plans to move into its new space in the fourth quarter.
“With its blend of efficient workspaces, thoughtful design and comprehensive amenity offerings, Park Avenue Tower has evolved into a magnet for leading financial services firms,” EQ Office’s Scott Silverstein said in a statement. “We are pleased that PineBridge is able to establish its headquarters in this cutting-edge environment and welcome the firm to our growing tenant roster.”
Savills Studley’s Mitchell Steir, David Goldstein, Matthew Barlow and Nicholas Farmakis represented the tenant. Silverstein handled the deal in-house along with Newmark (NMRK) Knight Frank’s Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski and Lance Korman. A spokeswoman for NKF did not immediately respond to a request for comment.
Goldstein said in a statement that the deal was “complex” because PineBridge still had time left on its lease at Boston Properties (BXP)’ 399 Park Avenue, but was able to relocate once investment bank Moelis & Company agreed to lease PineBridge’s old office.
“We secured a solution that was beneficial for PineBridge, enabling the company to relocate to phenomenal new space at Park Avenue Tower that will better serve its current business needs,” Goldstein said.
A spokeswoman for the landlord declined to provide the asking rent, but CoStar Group data shows average asking rents in the building are $96 to $117 per square foot.
PineBridge will join financial services firm BTIG, asset manager Rohatyn Group and investment management firm CM Investment Partners in the 36-story, 615,000-square-foot Park Avenue Tower.