Incline Equity Partners Relocates to 505 Fifth Avenue
Pittsburgh-based private equity firm Incline Equity Partners is doubling its New York City offices and relocating within Midtown to 505 Fifth Avenue, Commercial Observer has learned.
Incline inked a 10,875-square-foot, 10-year deal for the entire 22nd floor of the 26-story building overlooking Bryant Park, between 42nd and 43rd streets, brokers on the deal said. The company will relocate from 5,500 square feet on the 21st floor of 100 Park Avenue, which is just a few blocks east next to Grand Central Terminal. Asking rent for its new space was $89 a square foot.
JLL’s Alexander Chudnoff and Kip Orban represented Incline, while their JLL colleagues Paul Glickman, Diana Biasotti, Kyle Young and Kristen Morgan represented the landlord, Stawski Partners.
“This transaction continues significant leasing momentum within the building and highlights the appeal of superior-quality space,” Glickman said in a statement.
Stawski Partners, headed by billionaire Axel Stawski, developed the 300,000-square-foot building in 2006. German bank Nord/LB inked a deal there for its U.S. headquarters in September, and pharmaceutical company Mesoblast, investment bank Brean Capital, and investment firm Brownstone Investment Group leased space in the building over the summer.
Rebecca Baird-Remba can be reached at firstname.lastname@example.org.