Investment Manager Empyrean Capital Renews 6K-SF Offices at 499 Park Avenue

An investment management group is pretty comfortable with its 5,553 square feet of heavenly paradise on Park Avenue, Commercial Observer has learned.

Los Angeles-based Empyrean Capital Partners extended its lease at American Realty Advisors’ 499 Park Avenue for 10 more years, according to tenant broker Cushman & Wakefield (CWK).

C&W declined to disclose the asking rent in the building, but average asking rent in Midtown in July was $78.73 per square foot, according to a report from Colliers.

“The 28th floor at 499 Park Avenue offers Empyrean a unique combination of efficiency, privacy and beautiful views,” C&W’s David Hoffman, who represented the tenant alongside Sam Hoffman, said in a statement. “The property’s prime location made it the ideal choice.”

Paul Amrich, Neil King, James Ackerson and Shay Kenney of CBRE (CBRE) negotiated on behalf of the landlord, but did not immediately respond to a request for comment.

It’s not clear when the tenant moved in.

While American Realty Advisors owns the 27-story building between East 59th and East 58th streets, its operations are managed by Hines. Hines previously purchased the property in 2003 and sold it to the current owner for about $385 million in 2013, according to property records. 

The sale happened around the same time that J.P. Morgan Chase took 425 Lexington Avenue off Hines’ hands for $750 million, meaning that Hines made about $1 billion from the two transactions which brought about a sense of recovery in the market following the Great Recession.

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