TD Cowen Renews 126K SF at 599 Lexington Avenue
By Abigail Nehring January 8, 2024 2:48 pm
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Investment bank TD Cowen will stick around Boston Properties (BXP)’ 599 Lexington Avenue for one more year before the building loses an anchor tenant to another nearby address, Commercial Observer has learned.
TD Cowen signed a one-year renewal for 126,396 square feet spread out across six floors of the 50-story office tower between East 52nd and East 53rd streets in Midtown, according to a source with knowledge of the deal.
Asking rent in the deal was between $86 and $93 per square foot, the source said.
Once the short-term renewal runs out, the century-old investment firm will relocate to an address closer to its parent company, TD Securities, which has two Midtown offices at One Vanderbilt and 125 Park Avenue.
Canada’s TD Bank Group acquired Cowen in March for $1.3 billion in cash as part of a bid to expand the bank’s role in U.S. capital markets, Bloomberg reported.
In an announcement before the acquisition, TD said it would change the firm’s name to TD Cowen and make it a division of its investment arm, TD Securities.
TD Cowen has been in the Lexington Avenue building since at least 2007, according to its Securities and Exchange Commission filings. A source with knowledge of the deal said the renewal will “bridge the gap” until TD Cowen finishes building out new space at another address in Midtown.
CBRE (CBRE)’s Peter Turchin, Arkady Smolyansky, Evan Fiddle and Caroline Merck arranged the deal for Boston Properties while TD Cowen was represented by Ryan Alexander, Matt Saker and Nicole Marshall, also of CBRE.
Spokespeople for CBRE and Boston Properties did not immediately provide a comment. Spokespeople for TD Cowen and TD Bank Group did not respond to requests for comment.
Abigail Nehring can be reached at anehring@commercialobserver.com.
