Investment Firm Extends Its Lease at 712 Fifth Avenue

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Aberdeen Standard Investments (ASI), the investment arm of Standard Life Aberdeen, will keep its offices at 712 Fifth Avenue for another eight years, brokers on the deal announced.

SEE ALSO: Dimensional Fund Advisors Renews Longtime Santa Monica Lease 

The firm extended the lease for its 27,372-square-foot offices on the 49th through 51st floor of the Paramount Group’s building between West 55th and West 56th Streets, with plans to redesign its space to accommodate its growing headcount, The New York Post first reported.

“ASI had five years left on its lease and enjoyed a premier location and building, but the company’s workplace was no longer compatible with its business operations,” said SavillsDaniel Horowitz, who represented the tenant along with Jeffrey Peck, Greg Soffian, Roi Shleifer and Jacob Stern. “By negotiating a comprehensive lease extension, ASI is able to remodel and upgrade its office now. The upgraded workplace will bring added productivity and efficiency to the organization at this critical point in its growth.”

Paramount Group handled the deal in-house with Peter Brindley, Doug Neye and Sean Kirk. A spokesman for the landlord did not immediately respond to a request for comment.

A spokeswoman for Savills declined to provide the asking rent in the deal, but the Post reported tower floors in the building have asking rents of nearly $200 per square foot.

The Scotland-based ASI was formerly known at Aberdeen Asset Management and first moved into 712 Fifth Avenue in 2012 leasing 9,124 square feet on the 49th floor, according to Savills. It took another 18,248 in the 52-story building in 2016.

The firm merged with Standard Life in 2017 to become ASI and currently manages about $735.5 billion of assets worldwide, according to Savills.

Other tenants in the 545,000-square-foot 712 Fifth Avenue include marketing firm Loeb Enterprises, investment firm CVC Capital Partners and private equity firm Riverstone Holdings.