The Real Deal New York

Investment adviser Cyrus Capital takes 23K sf at Park Avenue Tower

The company to occupy space at Equity Office-owned 65 East 55th Street
April 24, 2017 01:45PM

Rendering of 65 East 55th Street and Stephen Freidheim

Blackstone Group subsidiary Equity Office inked a deal for investment adviser Cyrus Capital Partners to take just over 23,000 square feet of office space at 65 East 55th Street.

The company plans to take about 15,000 square feet on the 34th floor and 8,300 square feet on the the 35th floor, the Commercial Observer reported. Equity Office would build out the space for the new tenant, according to the publication, which includes a new internal staircases to connect the two floors.

The asking rent in the 15-year deal was $150 per square foot. Cyrus is now headquartered at 399 Park Avenue.

Known as Park Avenue Tower, Blackstone paid $750 million for the 36-story building in 2014.
It was the second time Blackstone TRData LogoTINY had owned it, having previously sold it to Harry Macklowe as part of a six-building portfolio sale. The company has since spent $25 million renovating it.

Literary and talent agency ICM Partners is taking 35,000 square feet across two floors at the building, and other tenants include King Street Capital and Eminence Capital.

CBRE’s Ben Friedland and Silvio Petriello represented Cyrus Capital in the deal. Equity Office was represented in-house and by Newmark Grubb Knight Frank[CO]Miriam Hall