PEI Group Doubling NYC Offices in Midtown Move
By Celia Young April 21, 2023 12:00 pm
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Business media company PEI Group will double its New York City offices in a move to Midtown, Commercial Observer has learned.
PEI inked a 10-year deal to ditch its 7,000-square-foot offices at 130 West 42nd Street for 14,341 square feet at 530 Fifth Avenue, according to landlord RXR.
Asking rents in the building range from $65 to $85 per square foot, according to RXR.
United Kingdom-based PEI decided to move to the 14th floor of 530 Fifth Avenue because of the building’s amenities — including steam rooms and exercise classes — and its location near Grand Central Terminal, said RXR’s William Elder, who brokered the deal with Andrew Ackerman and Walter Rooney.
“Our neighborhood continues to evolve into one of the most coveted office locations in Manhattan, especially with the recent addition of [the] Long Island Rail Road service to Grand Central Madison,” Elder said in a statement.
Avison Young’s John Ryan, Brooks Hauf and Patrick Steffens also worked on the deal for RXR. Avison Young’s Joseph Gervino handled it for the tenant. Gervino confirmed the lease but declined further comment.
Other tenants at the 26-story building include Avison Young’s own offices and retailers such as discount store Five Below and sneaker seller Vans.
Celia Young can be reached at cyoung@commercialobserver.com.
