Investment Firm MacKay Shields Downsizes to 30K SF in Move to 299 Park Avenue
By Mark Hallum April 2, 2024 3:17 pm
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Investment advisory firm MacKay Shields is cutting its office footprint in a move to Fisher Brothers" class="company-link">Fisher Brothers’ 299 Park Avenue.
The company, owned by New York Life Insurance Company" class="company-link">New York Life Insurance Company, first leased 60,000 square feet at 1345 Avenue of the Americas in March 2012 and is downsizing to 30,000 square feet on the 32nd floor of 299 Park after striking a new deal with the landlord, which owns both buildings, according to Fisher Brothers.
The length of the lease was not disclosed but the asking rent was in the mid-$90s to mid-$130s per square foot range.
“Strengthening our relationships with existing tenants is something we take great pride in, reflecting our founding principles of exceptional tenant service and experiences,” Ken Fisher, partner at Fisher Brothers, said in a statement. 299 Park Avenue “continues to be an ideal place for our tenants to do business — we’ve invested in capital improvements and infrastructure upgrades to deliver the best for our tenants.”
MacKay Shields wasn’t the only deal Fisher Brothers signed recently in the 42-story building between East 48th and East 49th streets.
Full-service law firm Becker, Glynn, Muffly, Chassin & Hosinski renewed its 25,000-square-foot space at 299 Park, according to the landlord. It’s unclear how long the law firm has been in the building.
Also, real estate capital markets firm Park Madison Partners" class="company-link">Park Madison Partners went from being a subtenant to having its name on the 6,300-square-foot space it occupies in the building. It’s unclear when Park Madison first moved into the property and who it was subleasing the office from.
Fisher Brothers handled all the deals in-house via Marc Packman, Charles Laginestra, Clark Briffel and Josh Fisher along with David Falk, Peter Shimkin and Andrew Sachs of Newmark (NMRK). Cushman & Wakefield (CWK)’s Mark Weiss represented Becker Glynn while Eric Cagner and Nicholas Lucia of Newmark negotiated on behalf of Park Madison Partners.
“Becker, Glynn carefully dissected the entire Midtown market and while there were some compelling choices, the Fisher Brothers team and the decades-long trust relationship developed between tenant and landlord made a lease renewal the most appropriate choice,” Weiss said in a statement.
A spokesperson for Fisher Brothers did not immediately disclose who represented MacKay Shields. A spokesperson for Newmark did not immediately respond to requests for comment.
Mark Hallum can be reached at mhallum@commercialobserver.com.
