CBRE and Industrious Lease 64K SF at Lever House
The new space will serve as a headquarters investment management team
By Mark Hallum January 3, 2025 3:07 pm
reprints
CBRE (CBRE) is expanding its offices beyond the MetLife Building by planting itself in Midtown East.
The real estate services firm and its partner Industrious signed a 64,350-square-foot lease across six floors at WatermanCLARK and Brookfield Properties’ Lever House, also known as 390 Park Avenue, where it will house its global investment management team, according to the tenant and the landlord.
The landlords and tenants did not immediately disclose the length of the lease or the asking rent in the deal, but the average asking rent in Midtown in November was $79.06 per square foot, according to a report from Colliers.
“We’ve had an ever-growing presence from our finance and investing teams in New York, in our investment management team there are about 100 employees, and we expect that number to double and potentially triple over time,” Emma Giamartino, chief financial officer of CBRE, said in an interview.
Giamartino is among many CBRE employees relocating to New York thanks to the new office, having recently moved from the company’s main headquarters in Dallas.
The deal with Industrious grants CBRE the ability to shift its footprint as needed, which may not always be a possibility with a traditional lease at its main New York City headquarters at 200 Park Avenue, which CBRE recently renewed until 2037.
“What people are demanding from office is a lot, a workplace where people are excited to wake up and go to, so it solves a personal need for the employee and it solves a business need for the occupier,” Industrious founder Jamie Hodari told Commercial Observer. “You can basically run a more activated, highly managed workplace … that’s probably above and beyond what you’d get in a normal workspace where you hire an office manager and they put out some doughnuts.”
Silvio Petriello of CBRE represented the brokerage in-house while another CBRE team of John Maher, Peter Turchin, Caroline Merck, Alexander Benisatto, William Hooks and Maxwell Tarter handled the deal for the landlord.
CBRE will open its new offices in the 21-story building by the end of 2025.
Other tenants in the building include private equity firm Atairos, which signed a deal for 22,000 square feet in December, and the nearly 9,000-square-foot restaurant Casa Lever.
Mark Hallum can be reached at mhallum@commercialobserver.com.
