Investing Firm Garnett Station Partners Moving to 450 Park Avenue
By Abigail Nehring October 19, 2023 1:06 pm
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A principal investing firm is taking a last look around Union Square before heading uptown.
Garnett Station Partners is relocating from 853 Broadway to 450 Park Avenue after signing a lease for 24,963 square feet on the entire 24th and 25th floors, plus part of the 27th floor, of the 33-story Midtown office tower, Commercial Observer has learned.
Asking rent at the building between East 56th and East 57th streets was $160 per square foot, according to a source with knowledge of the deal.
The exact length of the new lease is unclear, but the source said it’s “over 10 years.”
Garnett Station was founded in 2013 by private equity veterans Matthew Perelman and Alex Sloane after the pair teamed up to buy 23 struggling Burger Kings in North Carolina, according to its website. The firm currently manages about $2 billion dollars in assets, centering on mid-market wellness, automotive, and food and beverage companies.
Garnett Station was represented by Newmark (NMRK)’s David Falk and Jason Greenstein while Howard Tenenbaum and Gary Rosen handled the deal in-house for landlord SL Green Realty.
Spokespeople for Newmark and SL Green declined to comment. A spokesperson for Garnett Station did not immediately respond to a request for comment.
SL Green bought 450 Park Avenue last year for $445 million, its first office acquisition in four years and a change in course from SL Green’s previous selling spree, as CO reported.
Other tenants in the building include private equity firm BDT Capital Partners, Brazilian bank Banco Bradesco and investment bank JMP Group.
Abigail Nehring can be reached at anehring@commercialobserver.com.
