Leases  ·  Office

Consulting Firm and Private Equity Company Sign 20K SF at 1180 Avenue of the Americas

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A consulting firm and a private equity firm have leased offices at Northwood Investors1180 Avenue of the Americas, Commercial Observer has learned.

Compensation Advisory Partners signed a 10,000-square-foot lease on the 22nd floor while Advantage Capital Holdings took 10,000 square feet on the 21st floor, according to landlord brokers Cushman & Wakefield (CWK).

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Asking rents were between $68 and $88 per square foot, according to the brokerage, which did not disclose the length of the lease.

The building between West 46th and 47th streets was recently renovated with a new main entrance, lobby and a modernized façade. It also has a 3,500-square-foot terrace, according to C&W.

“Northwood Investors has invested significantly in transforming this property into the top creative, boutique building in Midtown,” C&W’s Bryan Boisi, who represented the landlord alongside Michael Baraldi, Harry Blair and Mark Boisi, said in a statement. “The top-floor penthouse amenity delivers a best-in-class tenant amenity package with a large terrace that meets the needs of today’s tenants looking for an exciting outdoor space for their employees and clients.” 

Compensation Advisory consults with company boards and their management on executive compensation and plans to relocate from its current spot nearby at 1133 Avenue of the Americas, according to C&W. The company has been at 1133 Avenue of the Americas since 2011 and expanded to 14,906 square feet in 2016, as CO previously reported. 

Bert Rosenblatt of Cresa negotiated on behalf of Compensation Advisory Partners, while Justin Myers and Dennis Someck of Lee & Associates NYC represented Advantage Capital Holdings. 

“Compensation Advisory Partners was impressed by the building-wide renovation and creation of the state-of-the-art amenity center at 1180 Avenue of the Americas,” Rosenblatt said in a statement. “This coupled with the light on the entire 22nd floor and the overall economics of the deal made the space a perfect fit.”

Advantage Capital Holdings will relocate from 49 West 23rd Street, according to Lee & Associates NYC.

Also grabbing space in the building is law firm Clark Hill, which took 4,500 square feet on the 19th floor with Gabe Marans of Savills and Michael Webber of Advocate Commercial Real Estate Advisors brokering on their behalf.

Mark Hallum can be reached at mhallum@commercialobserver.com.