The Real Deal New York

Broker-dealer inks 22K sf lease at SL Green’s 521 Fifth Avenue

Asking rent was $70 per sf

October 04, 2016 09:13AM

521 Fifth Avenue

521 Fifth Avenue

Broker-dealer KGS-Alpha Capital Markets is taking more than 20,000 square feet in SL Green Realty’s 521 Fifth Avenue.

The company inked a lease for 22,368 square feet at the 503-foot-tall office tower, formerly known as the Lefcourt Colonial Building. The asking rent was $70 per square foot, the New York Post reported. KGS is moving from its current location at Boston Properties’ 601 Lexington Avenue, where it reportedly subleases about 30,000 square feet.

Cushman & Wakefield’s Tara Stacom, Justin Royce, Matthias Li and Barry Zeller represented SL Green. KGS was represented by Savills Studley’s Jeffrey Peck, Daniel Horowitz and Chris Foerch.

SL Green bought the building in 2006 as part of a joint venture, but took complete control of the property in 2011. In 2012, the real estate investment trust sold a 49.5 percent equity interest at the tower to Plaza Global Real Estate Partners for $72 million. Other tenants in the 409,000-square-foot building include RKF, CFC Capital and Equinox Fitness.  [NYP] — Kathryn Brenzel 

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