Charity, Two Investment Firms Ink Deals at 1345 Avenue of the Americas
A charity and two investment firms walk into a building and get new offices.
Man Investments Holdings, ELMA Philanthropies and Aegis Capital Holdings snagged a total of nearly 64,000 square feet at Fisher Brothers’ 1345 Avenue of the Americas. Asking rent was in the $90s per square foot in each deal, according to a spokesperson for the landlord.
“We are very pleased to welcome Man Investments Holdings, the ELMA Philanthropies Services and Aegis Capital Holdings to join us at 1345 Avenue of the Americas,” Ken Fisher, a partner at Fisher Brothers, said in a statement. “During the pandemic we renewed our commitment to tenant needs in the rapidly evolving workplace and have delivered exceptional infrastructure and aesthetic upgrades to the building.”
In the largest deal, Man Investments leased 33,574 square feet on the 21st floor of the 50-story tower. A representative for Fisher Brothers declined to disclose the length of the deal. Man Investments will relocate from the 27th floor of 452 Fifth Avenue — known as banking-giant HSBC’s U.S. headquarters.
Man Investments, which invests in real estate equity and debt, has offices in Switzerland, Shanghai, Boston, North Carolina, Australia and Japan with its headquarters in London.
ELMA Philanthropies is taking 17,686 square feet on the 23rd floor of the 2 million-square-foot 1345 Avenue of the Americas in an 11-year deal — relocating from the 26-story 99 Park Avenue between East 39th and East 40th streets, according to Bradford Allen’s Glenn Isaacson, who represented ELMA in the deal.
Both ELMA’s former and current offices were designed by the same family-run architectural firm: Emery Roth & Sons. The charitable organization, which advises a group of foundations investing in health care, music and other initiatives in communities in the continent of Africa and in the Caribbean, needed more room to grow at a new office, Isaacson said.
“They needed more space,” said Isaacson. “They wanted to upgrade their location to the Plaza District.”
The philanthropic firm finalized its lease early this fall and will likely move into the property around the spring, Isaacson said. The building’s recent renovations and quality were definitely factors in the decision, and ELMA looked for space for about a year before settling on 1345 Avenue of the Americas, Isaacson added.
Aegis Capital plans to occupy 12,463 square feet on the 27th floor of the skyscraper. The full-service investment firm is moving from the seventh floor of 810 Seventh Avenue between West 52nd and West 53rd streets. Founded in 1984, Aegis is headquartered in New York, though it has offices in Florida, Tennessee, Oregon, Maryland, Texas New Jersey and Connecticut.
The three firms will join other major tenants in the building including Equitable Life Insurance, Fortress Investment Group, law firm Linklaters and General Motors.
Fisher Brothers recently finished $120 million worth of renovations to revamp the 1960s office tower between West 54th and West 55th streets. The work added more outdoor seating, planters and brighter lighting, as Commercial Observer previously reported.
Fisher Brothers’ Marc Packman and Clark Briffel represented the landlord in-house on both the Man Investments and Aegis Capital deals, along with CBRE’s Anthony Dattoma, Howard Fiddle, William Iacovelli, Benjamin Joseph, Gregg Rothkin and Peter Turchin. Packman and Charles Laginestra handled the ELMA Philanthropies lease in-house for the landlord.
JLL’s Daniel Posy, Joseph Messina and Jason Roberts represented Man Investments Holdings in its lease while JLL’s Howard Hersch and Brett Harvey handled negotiations for Aegis Capital.
JLL did not immediately respond to a request for comment.
Celia Young can be reached at firstname.lastname@example.org.