Solar Energy Company Takes a Shine to 530 Fifth Avenue

Cypress Creek Renewables, a solar energy storage developer and independent power producer, has leased 9,527 square feet at 530 Fifth Avenue, Commercial Observer has learned.

The company will occupy part of the 17th floor of the full-block, 475,000-square-foot property, which is owned by Sagehall and RXR. 

The length of the lease and the asking rent are unclear. Asking rents for office space in Midtown Manhattan for the third quarter of 2025 averaged $75.58 per square foot, according to a report by Cushman & Wakefield. 

David Stockel of CBRE represented Cypress Creek, while Paul Amrich, Neil King, Meghan Allen and Brooke Dewing with CBRE represented the building’s owners.

The lease seems to represent a relocation for Cypress Creek, which currently lists its New York City address as 275 Madison Avenue, about five blocks from its new home. The firm has six other offices throughout the United States.

“Cypress Creek required additional office space to accommodate its growing business in New York City, and the space at 530 Fifth Avenue was ideal for its current and future plans,” Stockel said in a statement. “The national energy company tripled its footprint in the city with the new lease, which speaks to its commitment to continued growth in the area.”

Sagehall joined building owner RXR as a new equity partner in January 2025, infusing $70 million of capital into the building, and joining RXR in recapitalizing the property with a five-year, $110 million loan facility from ING Capital, as CO reported at the time. 

The funding was intended to go toward repositioning the building, which stretches the length of Fifth Avenue between 44th and 45th streets, two blocks north of the main branch of the New York Public Library.

530 Fifth Avenue is the flagship location of flex space provider Convene. Other tenants include Avison Young; PEI Group; legal recruiter Major, Lindsey & Africa; The New York City Police Foundation, which signed on for 7,803 square feet for 11 years in December 2024, as CO reported; and Arbiter Partners Capital Management, which renewed the same amount of space for six years in January 2025, as CO reported.

Cypress Creek, Sagehall, RXR and CBRE did not immediately respond to requests for comment. 

Larry Getlen can be reached at lgetlen@commercialobserver.com.