Leases  ·  Office

Nuveen Subsidiary Signs 9K-SF Deal at 19 Union Square West

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A hedge fund manager that is also a subsidiary of Nuveen Investments is moving its offices within Midtown South, Commercial Observer has learned.

Gresham Investment Management will pack up its things at 257 Park Avenue South in a relocation to 9,233 square feet across the 11th floor of the Walford Company’s 19 Union Square West for a term of five years, according to JLL (JLL), the tenant broker.

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JLL did not immediately disclose the asking rent. A Colliers (CIGI) report for the first quarter of 2024 placed the average Midtown South office asking rent at $80.93 per square foot.

“19 Union Square West presented Gresham with an opportunity to secure elevated office space in a vibrant, commuter-friendly location,” JLL’s Scott Vinett, who represented Gresham alongside Fischer Corporate Real Estate’s Chris Joyner, said in a statement. “The building offers beautiful views of the park, has great light and air, and is well located for transportation, providing an ideal environment for tenants.”

Joyner could not be reached for comment.

ABS Real Estate’s Ben Waller and James Caseley negotiated on behalf of Walford, and had been tasked with filling the void left across three floors in the 12-story, 108,000-square-foot building from IBM’s office consolidations.

“Union Square is undoubtedly one of Manhattan’s most dynamic live-work neighborhoods whose appeal is reflected in the speed with which we have been able to lease the entire 27,699-square-foot space vacated by IBM,” Waller said in a statement.

Mark Hallum can be reached at mhallum@commercialobserver.com.