400 Capital Management Relocating to 26K SF at 660 Fifth
By Nicholas Rizzi August 11, 2022 12:40 pm
reprints
Asset manager 400 Capital Management will nearly double its New York City offices and move to 660 Fifth Avenue, where Brookfield Properties is finishing a $400 million renovation.
The company signed a long-term lease for 25,572 square feet on the 27th floor of the building, previously known as 666 Fifth Avenue, and will relocate from its current 11,500-square-foot offices at 510 Madison Avenue in August 2024, according to Brookfield. A spokesperson for Brookfield declined to provide the asking rent and length of the lease.
The deal, first reported by Bloomberg, comes months after Brookfield signed the Macquarie Group to 221,764 square feet across six floors of 660 Fifth, the first lease at the property since Brookfield took over from Kushner Companies four years ago in a deal valued at $1.29 billion.
After Brookfield took control of the 1.6 million-square-foot tower, it started a $400 million soup-to-nuts renovation of the building that includes new mechanical systems, a new lobby and a new facade. The work is expected to wrap up by the end of this year.
“Brookfield Properties’ investment to modernize 660 Fifth Avenue has created a world-class, reimagined commercial building in the heart of Midtown Manhattan, providing an unmatched opportunity for tenants when it comes to workplace experience and location,” Brookfield’s Duncan McCuaig said in a statement.
Duncan McCuaig represented the landlord with Brookfield’s David Caperna and P.J. Massey and Cushman & Wakefield’s Bruce Mosler, Josh Kuriloff, Ethan Silverstein, John Santora, Matthias Li, Nicholas Dysenchuk and Howard Cross. David Hollander and Brad Auerbach of CBRE represented the tenant.
“We are excited to welcome 400 Capital Management to 660 Fifth Avenue,” Mosler said in a statement. “Our leasing strategy has experienced continued success, and we are looking forward to welcoming more tenants to this state-of-the-art building.”
“We have had the pleasure of working with the 400 Capital team since their founding in 2008 and are thrilled to see their ongoing success and growth,” Hollander said in a statement. “[The building] provides a perfect canvass for 400 Capital to create a very special environment for their employees.”
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
