Asset Manager SLR Capital Partners Renews and Expands at 500 Park Avenue
By Nicholas Rizzi May 12, 2021 1:26 pm
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Asset manager SLR Capital Partners will stay and expand its offices at 500 Park Avenue in Midtown, Commercial Observer has learned.
SLR signed a 12-year lease for 28,165 square feet in Morgan Stanley Prime Property Fund’s 40-story building between East 58th and East 59th streets, according to brokers JLL (JLL).
A spokesperson for JLL declined to provide asking rents but a CBRE report shows the average asking rent for Midtown in April was $81.95 per square foot.
SLR first moved into 19,684 square feet on the entire third floor of 500 Park in 2011, and it will now expand to occupy 8,481 square feet on part of the sixth floor, according to JLL.
JLL’s Cynthia Wasserberger, Frank Doyle and Georgina Cook represented the landlord in the deal. Rob Martin and Dan Santagata, also of JLL, handled it for SLR.
“We are pleased to announce that SLR Capital Partners will not only be extending its lease at 500 Park Avenue, but also expanding its presence,” Wasserberger said in a statement. “The tenant’s commitment to 500 Park Avenue positively reinforces the importance of the office place as tenants return to work, and it validates New York City’s position as a pivotal place of business for boutique financial service firms.”
The 1984-era 500 Park recently finished a Gensler-designed renovation to its lobby that added new artwork and furnishings. Other tenants in the property include private equity fund Public Pension Capital, investment adviser Solar Capital Partners and investment management firm Mentor Partners.
