Leases  ·  Office

Investment Manager TimesSquare Capital Plans a Move to Rockefeller Center

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TimesSquare Capital Management is leaving its namesake neighborhood for a new office at 75 Rockefeller Plaza, according to landlord RXR.

The investment advisory firm is departing 7 Times Square for 14,116 square feet on the entire 30th floor of 75 Rock, which is on West 51st Street between Fifth Avenue and Avenue of the Americas, RXR said. The firm plans to move in December.

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An RXR spokesperson declined to provide the asking rent for the space, which TimesSquare will occupy on a seven-year lease. Average asking rent in Midtown, however, is around $79 a square foot, according to a recent Colliers report.

Silvio Petriello of CBRE, who represented the tenant in lease negotiations, said that the firm was “especially drawn to the top office floor availability with an amenity center directly above in this state of the art, newly renovated building, and to the incredible tenant roster at this world-class office property.”

Alexandra Budd and Daniel Birney handled the deal for the landlord in-house, along with Cushman & Wakefield’s Bruce Mosler. Spokespeople for CBRE and C&W didn’t immediately return requests for comment.

William Elder, an executive vice president at RXR, said in a statement that he was “excited to welcome TimesSquare Capital to the community at 75 Rockefeller Plaza, adding to the incredible lease activity that has transformed this iconic building into a thriving financial services hub.”

Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.