Swiss Energy Group Moving US Offices to 575 Fifth Avenue

reprints


The United States arm of a Swiss energy group, Axpo, will move its headquarters several blocks away to 575 Fifth Avenue in Midtown, Commercial Observer has learned.

SEE ALSO: TPG Refinances Beacon’s Stake in 575 Fifth Avenue With $309M Loan

Axpo inked a seven-year deal for 8,443 square feet on the 28th floor of MetLife and Beacon Capital Partners’ 40-story tower between East 46th and East 47th Streets, according to the tenant’s brokers from CBRE. Asking rent was $86 per square foot.

The company — which opened its U.S. arm in 2016 — will ditch its offices at 270 Madison Avenue for its new digs in the fourth quarter of this year, a spokeswoman for CBRE said.

CBRE’s David Stockel represented Axpo in the deal while brokers from Cushman & Wakefield handled it for the landlords. The names of the C&W team was not immediately available and spokespeople for the company did not immediately respond to a request for comment.

“Axpo’s relocation is an indication of the company’s rapidly growing U.S. business,”  Stockel said in a statement. “It was important for the firm to keep its U.S. presence in Midtown, where it has access to top talent and mass transit.” 

MetLife bought 575 Fifth Avenue for $385 million in 2005 and in 2015, Beacon Capital borrowed $321 million in financing from Deutsche Bank to acquire a 50 percent stake in the building, as CO previously reported.

Other tenants in the Midtown tower include investment firm Balbec Capital, coworking giant WeWork and the corporate offices for luxury department store Barneys New York.