Angeles Wealth Management to Initiate Midtown’s Rolex Tower

The new Rolex Building at 665 Fifth Avenue will welcome Angeles Wealth Management as its first tenant, with the firm relocating in the fall from 4,750 square feet at the Seagram Building at 375 Park Avenue and expanding to 7,850 square feet at the new 30-story tower, Commercial Observer has learned.

Cushman & Wakefield is vetting high-net-worth firms to join the storied watchmaker in its new home at Fifth Avenue and East 53rd Street.

“They are carefully curating the building,” Jonathan Foster, president and CEO of Angeles Wealth Management, said in a statement. “We are honored to be the first tenant of the Rolex Building, a brand that defines prestige and craftsmanship. Rolex perfects timepieces to endure. We strive to help families preserve legacies that do the same. We believe the environment Rolex has created at 665 Fifth Avenue will allow us to deliver an even more elevated, premium experience for our clients, one that hopefully matches the elegance of the building itself.”

Eric S. Reimer of Byrnam Wood represented Angeles, while Jonathan Fales of Cushman & Wakefield heads the Rolex Building leasing team.

“They are building the finest new boutique building in New York, which resonated with our client’s sensibilities and objectives better than any other property we evaluated,” said Reimer.

Designed by Sir David Chipperfield with interiors by Gensler, the 199,000-square-foot building will be LEED Platinum certified, and sets back three times as it rises to 469 feet.

The base will house a four-story Rolex store with another four stories above that for Rolex executive offices.

Tenant spaces start on the 10th floor, with the 12th floor designated as a tenant-only amenity space featuring two conference rooms and outdoor space. The 27th floor is slated for an exclusive private restaurant led by Daniel Boulud for Rolex and its tenants, while the top 28th floor is a double-height event space for Rolex.

“It really is going to be spectacular,” said Foster, who also tapped Gensler to fit out Angeles’ own offices. “We wanted to ensure that the experiences we create are consistent with the aesthetics of the building.”

Angeles Wealth Management manages around $3 billion in advisory client assets and is expanding rapidly, having grown more than 10 times since 2017, according to Foster. It is also a certified “B Corp,” which is a designation bestowed on a for-profit company that meets high standards of social and environmental performance, transparency and accountability, all of which align with the Rolex company’s core values.

“A lot of our families are very, very philanthropically inclined,” Foster said of his company’s clients. “We have some families where our job is to give all their money away. I think there’s a good alignment with Rolex in terms of their focus around philanthropy.”

Angeles is headquartered in Santa Monica, Calif., with another office in Houston. It acquired the boutique family office/investment management services firm XO Capital earlier this month, and also launched Angeles Family Office.

The 10-year deal includes an option for additional space in the Rolex Building, ensuring flexibility for future growth. The asking rent was unclear, but industry sources said the triple-digit rent for the lease begins with a “2.”

Press reps for Rolex and Cushman & Wakefield declined to comment.