Finance Firm Evercore Expands Park Avenue HQ by 95K SF
By Abigail Nehring January 23, 2024 4:58 pm
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Financial firm Evercore has an ever-increasing appetite for Midtown office space.
Evercore signed a 12-year lease to tack on another 95,000 square feet on the 39th through 41st floors of Park Avenue Plaza at 55 East 52nd Street, bringing its total footprint to just over half a million square feet spread across 16 floors of the 45-story office tower, landlord Fisher Brothers announced Tuesday.
Asking rent was $130 per square foot, a spokesperson for Fisher Brothers said.
The firm has been a tenant in the East 52nd Street building since 2006 and expanded its space multiple times, as Commercial Observer previously reported. In 2018, it doubled its offices to 350,000 square feet but it’s unclear when it tacked on more.
With the most recent expansion, Evercore — which has advised clients on more than $4.7 trillion in mergers and acquisitions since its founding in 1995 — will take over space previously occupied by commodity trading clearinghouse Intercontinental Exchange, according to credit rating agency Morningstar DBRS.
“Park Avenue Plaza remains a premier destination for top-flight financial services firms in New York attracted to the premium amenities and unparalleled modern design we offer,” Fisher Brothers partner Ken Fisher said in a statement. “Park Avenue Plaza has established itself as a workplace where leading firms and their employees can thrive.”
Colliers (CIGI)’ Alan Desino arranged the expansion for Evercore while Fisher Brothers was represented in-house by Marc Packman, Charles Laginestra, Clark Briffel and Josh Fisher.
A spokesperson for Colliers did not immediately respond to a request for comment.
The 1.2 million-square-foot Park Avenue Plaza suffered a massive loss when BlackRock departed its 375,022 square feet for 50 Hudson Yards two years ago and Aon geared up to leave its 209,000-square-foot space, according to DBRS Morningstar.
Morgan Stanley took much of the vacant BlackRock office space in 2022, and the Evercore expansion brings the building to 100 percent leased, according to Fisher Brothers.
Abigail Nehring can be reached at anehring@commercialobserver.com.
