Park Avenue Tower Attracts Two Financial Services Tenants Equalling 32K SF
By Mark Hallum January 26, 2022 4:09 pm
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Two financial services tenants will be moving into EQ Office‘s 65 East 55th Street, also known as Park Avenue Tower, with leases amounting to 31,951 square feet, according to JLL, which brokered the deal for the tenants.
Panagram Structured Asset Management will be relocating to 15,436 square feet on the 29th floor while Quilvest Capital Partners will take 16,515 square feet on the entire 25th floor for a term of 10 years.
Asking rents were above $100 per square foot.
JLL’s Daniel Posy and Peter Michailidis brokered the deal for Quilvest, while Posy, along with Ian Lipman, handled it for Panagram. EQ Office was represented in-house by Scott Silverstein along with Newmark (NMRK)‘s Brent Ozarowski.
“These transactions highlight the opportunity for premier tenants to secure superior office space in one of the city’s best commercial towers,” Posy said. “Park Avenue Tower’s high-caliber amenities and excellent location within a transit hub support tenants’ ability to attract and retain top talent in a highly competitive marketplace.”
Frances Madrid, head of operations for Quilvest, said the amenities and layout of the space, along with its “abundant light and air,” will optimize the experience for employees who work on site. Other incentives include 20,000 square feet on the concourse level that houses a fitness center, lounge area, recreation center, conference rooms and grab-and-go food.
“With our unique full-floor offerings, proximity to the Park Avenue corridor and thoughtfully designed common areas, Park Avenue Tower is well suited for prestigious companies such as Panagram and Quilvest,” Silverstein said.
Panagram will migrate north from its current office at 51 Astor Place and Quilvest will relocate from 527 Madison Avenue to the 620,000-square-foot building that is also home to Exodus Point Capital, BTIG Partners and PineBridge Investment.
Mark Hallum can be reached at mhallum@commercialobserver.com.
