Balbec Capital Signs Lease to Move to 13K SF at Vornado’s 90 Park Avenue
By Isabelle Durso March 7, 2025 3:04 pm
reprints
Alternative investment firm Balbec Capital has moved its New York City office within Midtown.
Balbec, which is a direct investor in residential and commercial mortgage loans, signed a lease for 13,200 square feet on the entire 22nd floor of Vornado Realty Trust (VNO)’s 90 Park Avenue, according to tenant broker CBRE (CBRE).
The firm already moved into the 41-story office tower from its previous home eight blocks north at 575 Fifth Avenue, where it had leased roughly 6,000 square feet, CBRE said.
“Balbec Capital had outgrown its offices at 575 Fifth Avenue and required additional office space to house its operations,” CBRE’s David Stockel, who brokered the deal for the tenant along with Neil King, said in a statement.
“The firm has expanded significantly over the past several years and required additional space, seeking a full tower floor in the Grand Central area,” Stockel added. “The 22nd floor at 90 Park Avenue was ideal for our client’s current and future requirements.”
The length of the lease and asking rent were unclear, but a report from Colliers found office rents in Midtown averaged $79 per square foot in February.
The CBRE brokers negotiated the deal directly with the landlord, the brokerage said. Vornado declined to comment, while a spokesperson for Balbec did not immediately respond to a request for comment.
Other tenants of Vornado’s building between East 39th and East 40th streets include online advertising platform adMarketplace, auditing firm PricewaterhouseCoopers and Swiss commodities trading and mining company Glencore, which signed a lease for 44,968 square feet at the property just last month.
Isabelle Durso can be reached at idurso@commercialobserver.com.
