Investment Firms JAB, Ancient Sign Office Deals at 520 Fifth Avenue
By Mark Hallum July 24, 2025 3:31 pm
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Two new tenants are moving into Rabina’s 520 Fifth Avenue, the first lease signings in the new mixed-use development.
JAB Holding Company, the global investment firm behind Krispy Kreme, signed a lease for 11,634 square feet on the 11th floor of the 1,002-foot-tall office, residential and retail building a block north of the New York Public Library’s main building, according to the landlord.
Separately, private equity investment firm Ancient, founded by Alexander Klabin, leased 8,682 square feet on the 14th floor of the building.
Rabina did not disclose the asking rent or the length of the leases, but the average asking rent in Midtown in the second quarter of 2025 was $82.28 per square foot, according to a report from CBRE.
“These organizations perfectly align with the ecosystem we are hoping to build here: impactful, forward-thinking, and world-class,” Rabina president and CEO Josh Rabina said in a statement.
A JLL team of Matthew Astrachan, Seth Godnick and Stefanie Rock represented JAB in the deal.
JLL did not immediately respond to a request for comment.
Ancient will relocate from its current offices at 512 West 22nd Street.
“520 Fifth Avenue offers an unmatched opportunity for us to create an intimate space to host our colleagues, friends and clients – a space that celebrates the optimistic energy of New York City,” Klabin said in a statement.
CBRE’s Ben Friedland and Hugh McDonald negotiated on behalf of Ancient in the transaction.
CBRE did not immediately respond to a request for comment.
Benjamin Bass, Paul Glickman, Frank Doyle, Clark Finney, Harrison Potter, and Robin Olinyk of JLL represented the landlord in the deals.
The tenants will move into the building in the fall.
The 88-story building was completed in early 2025. Around 95 percent of the structure’s 100 residential units have been sold.
It also includes 200,000 square feet of office space in total, plus a private club and ground-floor retail.
Mark Hallum can be reached at mhallum@commercialobserver.com.
