Private Equity Firm TZP Group Moving to 18K SF at 888 Seventh Avenue

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Private equity firm TZP Group is moving north to 18,622 square feet at 888 Seventh Avenue, according to sources with knowledge of the deal. 

The firm — which invests in North American technology, business services and consumer products companies — will leave its similar-sized office at Boston Properties7 Times Square Tower behind next year. Asking rent was between $90 and $95 per square foot for the 10-year deal at the Vornado Realty Trust-owned building, sources said.

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TZP will take the entire 20th floor of the 47-story building on Seventh Avenue between West 56th and West 57th streets, is home to tenants including financial and private equity firms Lone Star Funds and TPG Capital. The 841,000-square-foot property also houses Vornado’s corporate headquarters.

The space TZP secured was fully demolished and the private equity firm will be building brand new offices before occupying it sometime in the middle of next year, sources said.

Newmark’s Jason Greenstein and David Falk represented TZP. Vornado’s Jared Solomon and Glen Weiss handled it for the landlord in-house. Both Newmark and Vornado declined to comment. 

Celia Young can be reached at cyoung@commercialobserver.com.