Private Equity Firm H.I.G. Capital Relocating to 58K SF Within Midtown
By Nicholas Rizzi April 5, 2019 12:17 pm
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The private equity firm that is buying weight-loss brand Jenny Craig, H.I.G. Capital, has inked a deal to move its New York City offices nearly a block away from its current digs to 1271 Avenue of the Americas, landlord the Rockefeller Group announced today.
H.I.G. Capital signed a deal to take 57,829 square feet on a portion of the 22nd floor and the entire 23rd floor of the 48-story tower between West 50th and West 51st Streets, also known as the Time & Life Building, according to the landlord. The length of the lease was not clear, but a source with knowledge of the deal said the asking rent was in the $90s per square foot.
Miami-based H.I.G. Capital, which manages more than $30 billion of equity capital, will move from its 32,000-square-foot offices nearby at 600 Fifth Avenue between West 49th and West 50th Streets in the fourth quarter of this year, the source said.
Brad Needleman and Jason Perla of Newmark (NMRK) Knight Frank represented the tenant in the deal. Ed Guiltinan and Jennifer Stein handled it in-house for the Rockefeller Group along with CBRE (CBRE)’s Mary Ann Tighe, Howard Fiddle, John Maher, Evan Haskell and Dave Caperna. Spokeswomen for NKF did not immediately respond to a request for comment.
“The decision by H.I.G. is another testament to the extraordinary location, infrastructure and efficiency that 1271 Avenue of the Americas always had,” Maher said in a statement.
The 2.1-million-square-foot tower, which was built in 1959, was left vacant when Time Inc. departed in 2016 for Brookfield Place. The Rockefeller Group started a $600 million renovation of the building soon thereafter.
“Rockefeller Group made a major commitment to redevelop and reintroduce 1271 to the New York business and real estate communities, and it is extremely rewarding to see companies like H.I.G. Capital respond to the opportunity and choose to relocate to the building,” Bill Edwards, an executive vice president at Rockefeller Group, said in a statement.
The building is currently 77 percent leased and the renovations are set to finish at the end of the year, according to the landlord. Other tenants to sign since Time, Inc. left include Japanese bank Mizuho, Major League Baseball and financial manager Bessemer Trust.
