Private Equity Firm 17Capital Leaves One Vanderbilt for 452 Fifth Avenue
By Isabelle Durso September 16, 2024 12:24 pm
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Private equity firm 17Capital is moving its New York City base from SL Green (SLG) Realty’s One Vanderbilt to Property & Building Corporation (PBC)’s 452 Fifth Avenue, Commercial Observer has learned.
London-based 17Capital signed a long-term lease for 16,298 square feet for the entire 29th floor of the 30-story building, also known as 10 Bryant, according to a spokesperson for JLL (JLL), which arranged the lease for the landlord. Asking rent was $160 per square foot, a source with knowledge of the deal told CO.
17Capital will double its current footprint when it moves into 10 Bryant during the first quarter of 2026, bringing the office building at the corner of Fifth Avenue and 40th Street to full occupancy, according to JLL.
“The recent leasing momentum at 10 Bryant highlights the value and benefits it offers tenants,” JLL Vice Chairman Paul Glickman, who worked on the deal with Benjamin Bass, Kristen Morgan and Kate Roush, said in a statement.
Cushman & Wakefield (CWK)’s David Mainthow and Troy Elias, who represented 17Capital in the lease, did not immediately respond to requests for comment.
The deal comes at a time when office inventory in Manhattan begins to tighten, as office-to-residential conversions increase and development slows, meaning tenants are rushing to move before they have few options, according to a report from JLL.
Meanwhile, PBC’s Midtown tower will soon lose its anchor tenant, HSBC, as the bank plans to officially leave its 350,000-square-foot presence for The Spiral next year, Crain’s New York Business reported. Still, JLL said, thanks to a repositioning of the property by PBC, it has begun luring companies like 17Capital, which will join tenants including Brighton Park Capital Management, Generate Capital and Tilden Park Capital. The building’s tenants have leased nearly 75,000 square feet since the beginning of 2024, JLL said.
“10 Bryant is an extraordinarily attractive asset with robust infrastructure in place, offering availability for a large headquarters block, a prime location overlooking Bryant Park and close proximity to multiple commuter options,” JLL’s Morgan said. “Ownership has committed to a comprehensive repositioning, and we are already seeing interest from large corporate tenants seeking superior space options.”
Isabelle Durso can be reached at idurso@commercialobserver.com.
