Financial Adviser F.L.Putnam Relocates to 445 Park
By Rebecca Baird-Remba September 18, 2023 5:34 pm
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Financial planner F.L.Putnam Investment Management Company is relocating and expanding its offices within Midtown East, according to tenant broker Compass.
The investment adviser will leave 805 Third Avenue after signing an 11-year lease for 6,000 square feet at 445 Park Avenue, between East 56th and East 57th streets, Compass said. Asking rent for the sixth-floor space was in the $90s per square foot.
The Portland, Maine-based F.L.Putnam — which has outposts in Massachusetts, New Hampshire and Rhode Island — will move into its new, larger offices in early December.
Jay Futersak, president of landlord Circle Realty Group, said that the investment firm “is a good complement to all the high-net-worth family offices we have in the building.”
“We signed four leases in the last four weeks, and we’re seeing tremendous absorption on Park Avenue,” Futersak said. “I think Park Avenue is extremely in demand. We’re busier than ever, 95 percent leased. We’re very full.”
Futersak represented the landlord in-house, while Compass’ Adelaide Polsinelli and Lauren Curcio brokered the deal for the tenant.
“445 Park Avenue’s lease is a testament that there is life in office buildings in prime Midtown locations,” said Polsinelli. “Businesses are adopting a back-to-the-office stance and have used the past few months to reorganize and rethink their needs.”
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
