Headlands Technologies, MFA Financial Ink 12K-SF Leases at 520 Fifth Avenue

Rabina, a New York City-based real estate investment and development firm, announced Monday that it has signed four office deals at its 88-story Midtown office and condo tower at 520 Fifth Avenue. 

In the largest deal, Headlands Technologies, a global quantitative trading company, signed a 12,256-square-foot lease on the ninth floor of the 1,002-foot-tall building, according to the landlord. Headlands will relocate from its current offices a few blocks north at 575 Fifth Avenue.

Meanwhile, MFA Financial, a real estate investment trust specializing in residential mortgage loans, will take 12,246 square feet of office space on the 10th floor of 520 Fifth Avenue. The firm will also relocate to the Midtown building from the nearby One Vanderbilt.

Newly launched asset management firm 1823 Partners will also occupy 10,299 square feet in the building, Rabina said. The deal represents an expansion within the property for 1823 Partners, which now will occupy a full floor. The asset management firm was founded in July and already has approximately $19 billion in assets under management.

Finally, Boston-based public and private investment firm Abrams Capital took 6,799 square feet of space at 520 Fifth Avenue and will relocate its offices from 65 East 55th Street. Abrams is also a major equity partner in 520 Fifth Avenue, Rabina said.

These new leases bring the building’s office portion to more than 40 percent leased, according to the landlord. The New York Post first reported the deals. 

“The addition of four new office tenants in such a short period speaks to the strong demand for the workplace experience we’ve created at 520 Fifth Avenue,” Josh Rabina, president and CEO of Rabina, said in a statement. “We designed the office floors with today’s workforce in mind — focused on thoughtful design, flexibility and spaces that truly support how teams work. The momentum we’re seeing reinforces 520 Fifth Avenue’s position as one of New York City’s standout Class A office addresses.”

Rabina did not disclose the lengths of the leases or the asking rents. The average asking rent for office space in Midtown was $85.11 per square foot, according to CBRE. 

The building owner was represented in each deal by Benjamin Bass, Paul Glickman, Frank Doyle, Clark Finney, Harrison Potter and Robin Olinyk from JLL.

“520 Fifth Avenue continues to set itself apart in the market, particularly through the sustained strength of its office leasing,” Bass said in a statement. “With several transactions completed and additional deals actively advancing, the property is attracting companies that view it as a long-term workplace aligned with performance, stability and growth.”

Abrams Capital did not work with a broker on its lease. Headlands Technologies was represented by Joseph Harkins from Cushman & Wakefield. MFA Financial was represented by Josh Friedman, Bill Levitsky and Andrew Sachs from Newmark. CBRE’s Neil King represented 1823 Partners. 

The tenant brokers did not immediately respond to Commercial Observer’s requests for comment. 

Other office tenants at 520 Fifth include global investment firm JAB Holding Company and full-service financial institution Texas Capital. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.