Russell Investments Signs 9K-SF Lease at 575 Fifth Avenue
By Mark Hallum January 13, 2022 3:08 pm
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Russell Investments has signed a lease for 8,568 square feet for five years at Beacon Capital Partners and MetLife’s at 575 Fifth Avenue, Cushman & Wakefield (CWK) announced.
C&W handled the negotiations for both tenant and landlord with Nick Masi and David Mainthow representing Russell Investments and Josh Kuriloff, Matthias Li, Andrew Braver and Eric Hazen representing Beacon and MetLife.
The Seattle-base company is relocating their New York City office from 1095 Avenue of the Americas, asking rent was not disclosed.
Chris Gulden of Beacon said in a statement that Russell Investments will join other well-known tenants such as private equity firm Charlesbank Capital Partners in getting access to a “best-in-class” work environment.
“We’ve been seeing a trend of tenants looking for quality office space in amenity-rich buildings and 575 Fifth Avenue is a great fit for Russell Investments,” Mainthow said.
The Fifth Avenue address is a 40-story, 513,740-square-foot office tower that was refinanced in 2019 by $309 million from TPG Real Estate Finance Trust on the money Beacon Capital borrowed in 2015 to purchase a 50 percent stake in 575 Fifth Avenue that year, Commercial Observer reported.
Beacon Capital Partners and MetLife also recently completed a $30 million capital improvement program that included a new lobby, upgraded building systems and a bike room. Tenants also get access to an amenity center with a conference room, a café, a lounge, a barbershop and a kitchen.
As for transit, the building is situated near Grand Central Terminal, Rockefeller Center and Bryant Park.
Mark Hallum can be reached at mhallum@commercialobserver.com.
