Private Equity Firm Hg Moves Into 14K SF at Grace Building
By Mark Hallum March 2, 2023 1:56 pm
reprints
Private equity firm Hg moved its U.S. offices to the Grace Building.
The firm signed a lease for 14,000 square feet in Brookfield Properties and The Swig Company’s building at 1114 Avenue of the Americas, according to Brookfield. Brookfield declined to provide the terms of the deal.
Based in the UK, Hg first put down roots in New York City in 2019 at 601 Lexington Avenue and moved into the space in the Grace Building in January, according to Brookfield.
“In collaboration with the Hg team, we were able to secure an exceptional solution requiring no capital investment and immediate move-in timing without becoming a subtenant,” Cushman & Wakefield (CWK)’s Michael Movshovich, who represented the tenant alongside Troy Elias, said in a statement. “Hg capitalized on a recently constructed, high-quality space with extensive infrastructure and, working with the great team at Brookfield, we successfully structured a mutually beneficial transaction for a direct lease.”
Hayley Shoener and PJ Massey represented Brookfield Properties in-house.
The move was attributed to Hg growing its headcount in North America, which started at about 10 people in New York City when the firm launched four years ago and has risen to about 50 in both the Big Apple and San Francisco.
Named after the chemical symbol for Mercury, Hg has about $55 billion in assets under management with a portfolio of 45 software companies valued at more than $100 billion altogether, according to the firm.
Mark Hallum can be reached at mhallum@commercialobserver.com.
