Private Equity Firm Charlesbank Nabs 15K SF at 575 Fifth
Private equity firm Charlesbank Capital Partners inked a deal to move its New York offices to 575 Fifth Avenue in Midtown, Commercial Observer has learned.
Charlesbank signed a long-term lease for 15,475 square feet, spanning a full floor of MetLife and Beacon Capital Partners’ 40-story tower between East 46th and East 47th streets, according to a source with knowledge of the transaction.
The source declined to provide the terms of the deal, but the asking rent in the building was $86 per square foot in 2019, as CO reported at the time.
The Boston-based Charlesbank — which focuses on middle-market companies — currently has its New York outpost nearby at 70 East 55th Street. It will nearly triple its office space when it relocates in January to its new 575 Fifth Avenue digs, something the company needed to do to accommodate the growth of its New York team, the source said.
CBRE’s David Stockel represented Charlesbank in the deal while Josh Kuriloff, Matthias Li, Andrew Braver and Eric Hazen of Cushman & Wakefield handled it for the landlord. Spokespeople for CBRE and C&W declined to comment.
Other tenants in 575 Fifth Avenue include Swiss energy group Axpo, investment firm Balbec Capital and coworking giant WeWork.
Nicholas Rizzi can be reached at firstname.lastname@example.org.