Investment Bank Leaving Park Avenue for Times Square
By Nicholas Rizzi November 18, 2019 5:09 pm
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Ducera Partners, an investment bank founded in 2015, will move its headquarters from Park Avenue to 11 Times Square, Commercial Observer has learned.
The investment bank signed a 10-year lease for the entire 29,089-square-foot 36th floor of the 40-story office tower at 640 Eighth Avenue between West 41st and West 42nd Streets, according to SJP Properties, which owns the property with PGIM and Norges Bank.
“We developed 11 Times Square with superior infrastructure, modern interiors and some of the best technological capabilities in the entire office market to attract precisely this kind of tenant,” SJP’s senior vice president Zach Freeman said in a statement. “We’re confident that Ducera Partners will thrive in its space at 11 Times Square and find it a highly accessible home base for its operations.”
Ducera — which opened a Los Angeles office last month — currently has its headquarters at 499 Park Avenue between East 58th and East 59th Streets in Midtown and plans to move to its new digs in the summer of next year.
“The building offers leading infrastructure and technology coupled with remarkable views of New York City,” Michael Kramer, CEO of Ducera, said in prepared remarks. “The modern office layout and amenities will support our collaborative work environment, long-term growth, and ability to deliver world-class financial advisory services to our clients.”
Freeman brokered the deal in-house for the owners along with JLL (JLL)’s Paul Glickman, Dan Turkewitz and Kirsten Morgan. John Nugent of CBRE (CBRE) represented Ducera. A spokeswoman for CBRE declined to comment.
Asking rents on the space reached $110 per square foot, according to a person briefed on the matter.
Other tenants in the 1.1-million-square-foot 11 Times Square include E-Trade, Microsoft (MSFT) and Bank of America (BAC).
Madrid-based amusement park operator Parques Reunidos was in the works to open a 45,000-square-foot indoor entertainment complex in partnership with film studio Lionsgate in the building’s retail portion, but Lionsgate paused the plan in July after Parques Reunidos pulled out of the project, Deadline reported.
Update: The story has been updated with comments from Ducera’s CEO and to reflect the asking rents on the space.
