Key Takeaways
- • Hedge fund Forest Avenue Capital leased 7,145 square feet on the seventh floor of Park 53, a 19-story boutique office building at 45 East 53rd Street in Midtown Manhattan, relocating from 9 West 57th Street, according to landlord broker JLL.
- • Three new tenants leased a combined 19,145 square feet across three floors at Park 53, per Commercial Observer, with Forest Avenue Capital's deal as the largest.
- • Private equity firm Ancient Financial leased 6,000 square feet on the 14th floor, moving from 520 Fifth Avenue, and REIT Curbline Properties leased 6,000 square feet on the 13th floor, moving from 320 Park Avenue.
- • Asking rents at Park 53 range between $140 and $165 per square foot, per JLL; the individual lease terms and rents for the three deals were not disclosed.
Summary
Park 53, a 19-story boutique office property at 45 East 53rd Street in Midtown Manhattan, has added three new tenants occupying space across three floors totaling 19,145 square feet, Commercial Observer reported. The largest transaction was a 7,145-square-foot lease by hedge fund Forest Avenue Capital, which will occupy the seventh floor after relocating from 9 West 57th Street. According to landlord broker JLL, the deal was represented on the tenant side by Sinclair Li and Pat Moroney of CBRE.
JLL's Mitchell Konsker, Benjamin Bass, Alexander Chudnoff, Greg Wang and Thomas Swartz represented building owners ZG Capital Partners and Rialto Capital Management across all three transactions. Konsker said the activity reflects continued demand along the Park Avenue corridor from firms that prioritize location and office quality, noting that the tenants are moving from established Midtown addresses to a more boutique environment in the Plaza District.
Private equity firm Ancient Financial leased 6,000 square feet on the 14th floor, expanding its footprint in a move from 520 Fifth Avenue. Brent Ozarowski and Kevin Sullivan of Newmark represented the tenant. In the third deal, real estate investment trust Curbline Properties signed a 6,000-square-foot lease on the 13th floor and will relocate from 320 Park Avenue, with CBRE's Conor Kenny representing the tenant.
The specific asking rents and lease lengths were not disclosed, though JLL noted that asking rents in the building range between $140 and $165 per square foot. Bobby Zar, principal at ZG Capital, said in a statement that the leases reflect the owners' goal of establishing a property that appeals to firms seeking a more personalized office experience. Other existing tenants at Park 53 include Shorenstein and alternative asset manager Bramshill Investments. The tenants' brokers did not immediately respond to requests for comment.
JLL's Mitchell Konsker, Benjamin Bass, Alexander Chudnoff, Greg Wang and Thomas Swartz represented building owners ZG Capital Partners and Rialto Capital Management across all three transactions. Konsker said the activity reflects continued demand along the Park Avenue corridor from firms that prioritize location and office quality, noting that the tenants are moving from established Midtown addresses to a more boutique environment in the Plaza District.
Private equity firm Ancient Financial leased 6,000 square feet on the 14th floor, expanding its footprint in a move from 520 Fifth Avenue. Brent Ozarowski and Kevin Sullivan of Newmark represented the tenant. In the third deal, real estate investment trust Curbline Properties signed a 6,000-square-foot lease on the 13th floor and will relocate from 320 Park Avenue, with CBRE's Conor Kenny representing the tenant.
The specific asking rents and lease lengths were not disclosed, though JLL noted that asking rents in the building range between $140 and $165 per square foot. Bobby Zar, principal at ZG Capital, said in a statement that the leases reflect the owners' goal of establishing a property that appeals to firms seeking a more personalized office experience. Other existing tenants at Park 53 include Shorenstein and alternative asset manager Bramshill Investments. The tenants' brokers did not immediately respond to requests for comment.
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