Ally Bridge Group Signs 6K-SF Deal at Rudin’s 560 Lexington Avenue

An investment firm with a healthcare and life sciences focus has signed a lease at 560 Lexington Avenue in Midtown East, Commercial Observer has learned.

Ally Bridge Group, which finances and supports life sciences, medical technology and biopharmaceutical companies, has signed a deal for 6,440 square feet on part of the 18th floor of the Rudin-owned office building, according to the landlord. The length of the lease is for 10 years and 10 months.

The deal represents  a relocation from 430 Park Avenue, which is the firm’s current primary office, according to its website.

Rudin declined to provide the asking rent for the 22-story Plaza District building, but the average asking rent for office space in Midtown was $85.11 per square foot in March, according to a report from CBRE.

“Ally Bridge Group’s long-term commitment to 560 Lexington is a testament to the Plaza District and this building’s enduring allure for the global investment community,” Kevin Daly, vice president of office leasing at Rudin, said in a statement.

CBRE’s Sinclair Li, Conor Kenny and Connor DeSimone negotiated on behalf of the tenant, while Daly worked with a CBRE team of Peter Turchin, Brett Shannon, Eric Deutsch, Jacob Rosenthal and Lauren Levy.

CBRE did not immediately respond to a request for comment.

Other tenants at the 380,000-square-foot building between East 50th and East 51st streets include financial services platform Marex, which signed a lease for 39,552 square feet in April, and hedge fund SummitTX Capital, which took 18,000 square feet in March.  

Mark Hallum can be reached at mhallum@commercialobserver.com.