The Real Deal New York

Andrew Chung’s IPG Management takes Midtown space

Investment fund signs for new office digs at 1370 Sixth Avenue

January 26, 2016 09:07AM

Andrew Chung and 1307 Sixth Avenue

From left: Andrew Chung and 1370 Sixth Avenue in Midtown

Andrew Chung’s IPG Management, the new real estate investment fund he started after leaving the Carlyle Group, will be setting up shop at Principal Real Estate Investors’ 1370 Sixth Avenue.

IPG is taking 4,676 square feet at the 35-story, 348,040-square-foot building, where the asking rent is $82 per square foot.

CBRE’s Paul Amrich and Jackie Marshall brokered the deal on behalf of the landlord and Jared Horowitz and Justin Pollner of NGKF represented IPG, the Observer reported. Newmark Grubb Knight Frank brokered the lease deal for IPG.

Vince Camuto Shoes, Steve Madden and the Miss Universe Organization are also tenants, according to CoStar Group.

Chung left the Carlyle Group eight days after being promoted to partner and branched out on his own. His firm, in a partnership with Artemis Real Estate Partners, bought a 15,500-square-foot retail condo at 202 Canal Street in August for $44 million. The acquisition marked Chung’s first major deal since setting out on his own. [NYO] — Dusica Sue Malesevic

MENU
Welcome to TRData
TRData is a new site focused on research, currently in development by The Real Deal, New York City’s largest real estate publisher.
Click here for more information about the site