Finance Firms GLC and Professional Capital Ink Deals at 600 Lexington Avenue
By Abigail Nehring May 23, 2024 12:16 pm
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Independent investment bank GLC Advisors is staying put at its Midtown headquarters, and it also has a new neighbor.
GLC renewed its 12,487-square-foot office on the entire ninth floor of W.R. Berkley Corporation’s 600 Lexington Avenue for another five years, according to landlord broker Cushman & Wakefield (CWK).
A spokesperson for C&W said asking rent was $86 per square foot. A source with knowledge of the deal said Property Group was able to raise the asking rent slightly because “demand was through the roof” at the 36-story building between East 52nd and East 53rd streets.
GLC was founded in 2009 and its investment arm, GLC Investment Advisors, focuses on middle-market companies, leveraged buyouts, acquisitions and recapitalizations, according to its website. In addition to its New York headquarters, it also has offices in Denver, Los Angeles and San Francisco.
The firm arrived at 600 Lexington “several years ago,” according to C&W.
JLL (JLL)’s Daniel Posy and Jason Roberts represented GLC and declined to comment.
It wasn’t the only deal C&W’s Harry Blair, Connor Daugstrup and Bianca Di Mauro arranged for the landlord in the 305,471-square-foot office building.
In a smaller deal, asset management firm Professional Capital Management signed a five-year lease for 8,318 square feet on the second floor of the property, according to C&W.
Asking rent on the second floor was $84 per square foot, according to C&W.
The deal marks a return for Professional Capital, which moved its offices to Florida several years ago, according to Vantage Real Estate Advisors’ Danny Volk, who arranged the deal for the tenant along with Mikaela Seegers. It’s unclear if the firm is keeping its Florida office.
Another newcomer, private equity firm Hollyport Capital, signed a deal to relocate to 600 Lexington late last year. Two other financial firms, NexPhase Capital and LibreMax Capital, also call the property home, as Commercial Observer previously reported.
Blair said in a statement the building has excellent accessibility and fitness amenities, which make it attractive to companies “looking to prioritize wellness for their employees.”
Update: This story has been updated to clarify that W.R. Berkley Corporation is the owner of 600 Lexington Avenue.
Abigail Nehring can be reached at anehring@commercialobserver.com.
