PCCP signed a 10-year lease for 10,717 square feet on the entire 11th floor of the 26-story building overlooking Bryant Park, where it will expand from its current 5,500-square-foot footprint at 444 Madison Avenue, according to a source with knowledge of the deal. Asking rent was $84 per square foot.
The Los Angeles-based PCCP — which also has offices in San Francisco and Atlanta — recently teamed up with Pacific Western Bank to provide a $109 million construction loan to a Breslin Realty Development and Fields Grade Development for their transit-oriented multifamily development on Long Island and was in the mezzanine position for the $260 million financing for RFR Holdings’ acquisition of 475 Fifth Avenue.
Brian Goldman and Nicholas Lucia of Newmark represented PCCP in its office deal while JLL’s Paul Glickman, Diana Biasotti and Kristen Morgan handled it for landlord Stawski Partners.
A spokesperson for Newmark declined to comment, and a representative for JLL did not respond to a request for comment.
Other tenants in the 300,000-square-foot 505 Fifth include private equity firm Incline Equity Partners, German bank Nord/LB and pharmaceutical company Mesoblast.
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