Investment Bank Republic Capital Plans First Office at Rock Center
By Rebecca Baird-Remba October 25, 2023 5:29 pm
reprints
Investment manager Republic Capital Group is moving into its first-ever office, and settled on 50 Rockefeller Plaza.
The investment banking firm signed a 2,800-square-foot lease on the 12th floor of the 16-story building, according to Republic’s brokerage, Transwestern. Republic plans to move into its new space in November.
A spokesperson for Transwestern didn’t provide details on the asking rent or length of the lease, but average asking rent in Midtown hovers around $79 per square foot, according to Colliers (CIGI)’ latest market report.
Lauren Davidson of Transwestern represented Republic in the lease negotiations, while landlord Tishman Speyer handled the deal in-house.
“We experienced significant growth during 2022, a year during which Republic Capital was the most active investment bank in its industry for wealth management,” John Langston, a managing partner at Republic Capital, said in a statement. “We decided to look for new office space that would allow us to better support our valued clients in an environment consistent with our profile in the market.”
The deal was first reported by the New York Business Journal.
50 Rockefeller Plaza rises midblock between West 50th and 51st streets and Fifth Avenue and the Avenue of the Americas. It was originally known as the Associated Press Building, because the news organization was the property’s anchor tenant when the building was constructed in the 1930s.
Completed in 1938, the facade of the Art Deco structure features a 10-ton steel sculpture by Isamu Noguchi titled “News,” which pays tribute to reporters and Rockefeller Center’s long list of media tenants. AP opened its own newsreel theater in the building, the 450-seat Guild Theater, which survived until it shuttered in 1999.
“We’re delighted to welcome Republic Capital to Rockefeller Center,” said EB Kelly, a senior managing director at Tishman Speyer and the head of Rockefeller Center. “Establishing an office at 50 Rockefeller Plaza ensures that the Republic Capital team will be in the heart of the city, with the celebrated dining, retail and entertainment you can only find at the Center.”
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
