Merchant Bank ZCG Moving to 17K SF at 430 Park Avenue
By Amanda Schiavo October 29, 2024 4:49 pm
reprints
Privately held merchant bank ZCG has leased all 16,849 square feet of the 16th floor of 430 Park Avenue, Commercial Observer has learned.
ZCG, which is in the process of a global expansion, will relocate from 1330 Avenue of the Americas, where it occupied just 10,000 square feet, in the second quarter of 2025, according to tenant brokers JLL (JLL).
“Our new office at 430 Park Avenue reflects ZCG’s commitment to New York as a key hub for our global operations,” James Zenni, founder, president and CEO of ZCG, said in a statement. “As we continue to expand our team and presence worldwide, this location will support our ongoing growth and our ability to deliver excellence for our partners and investors.”
JLL did not provide the terms of the deal. Park Avenue’s direct asking rents have risen from $115 per square foot in 2018 to $122 per square foot in the first half of 2024, according to a JLL report. Direct and sublease office vacancy combined total 8.8 percent, lower than the city’s overall 17 percent vacancy.
“Vacancy on Park Avenue has been falling as the flight to quality continues among tenants seeking proximity to regional transit,” JLL’s Clark Finney said in the statement. “With its institutional, hands-on ownership, 430 Park Ave is well positioned to meet persistent demand for Class A office space in this prime Manhattan location.”
The 16-story office building at 430 Park Avenue, which covers the entire block from East 55th to East 56th streets, is owned by a joint venture between Oestreicher Properties, Midwood Investment and Marx Realty. Tenants at the property include global private investment firm SK Capital Partners, investment bank H.C. Wainwright and the Withers law firm.
JLL’s Finney, Frank Doyle, Randy Abend and Robin Olinyk represented the building owners in this transaction. Norman Bobrow & Company’s Joshua Berger and Sam Matayev brokered the deal for ZCG.
“We are proud to have spearheaded this off-market transaction on behalf of ZCG,” Berger said in a statement. “430 Park Avenue will be a tremendous new home for the firm as it continues its trajectory of growth and success.”
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
