Pharmaceutical Company, Investment Bank Take Space at 505 Fifth Avenue
By Nicholas Rizzi July 13, 2021 1:02 pm
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Pharmaceutical company Mesoblast, investment bank Brean Capital, and income investment firm Brownstone Investment Group all signed deals for space at 505 Fifth Avenue, Commercial Observer has learned.
Australian-based Mesoblast signed a three-year deal for 16,052 square feet on the entire third floor of the 26-story building between West 42nd and West 43rd streets, according to landlord brokers JLL (JLL). Asking rents in the property range from $78 to $88 per square foot.
Mesoblast was already a tenant in the building, subleasing the space from fashion company Carlo Pazolini in 2005, and will now move to a direct deal with landlord Stawski Partners, JLL said.
Brean Capital signed a six-year lease for 16,052 square feet on the entire fifth floor of 505 Fifth to relocate its headquarters from 3 Times Square, according to JLL.
Brownstone was also a subtenant of Carlo Pazolini and signed a 10-year direct deal with Stawski to keep 10,717-square-foot offices on the entire 10th floor of the building.
JLL’s Paul Glickman, Diana Biasotti, Kyle Young and Kristen Morgan represented the landlord in all three leases. Matthew Astrachan of JLL handled it for Brean Capital.
CBRE’s David Glassman brokered the deal for Mesoblast and Silvio Petriello, also of CBRE, handled it for Brownstone.
A spokesperson for CBRE declined to comment.
“This is an ideal property for prospective tenants seeking a high-quality space with superior access to talent, new construction/infrastructure and mass transit options,” Glickman said. “These leases highlight the enduring demand for space that benefits from the creative energy of New York City.”
Other tenants in the 298,000-square-foot 505 Fifth include investment firm Kinderhook Industries, Norges Bank and real estate investment company Corigin.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
