Merchant bank the Raine Group is moving to Park Avenue Tower

Firm is taking more than 33K sf at Midtown building
December 21, 2017 10:30AM

The Raine Group is almost doubling its space in a move from Midtown West to Midtown East.

The merchant bank has agreed to a 15-year, 33,253-square-foot lease for the 23rd and 24th floors of Park Avenue Tower, according to the Commercial Observer. It is currently based out of 810 Seventh Avenue and plans to move to Park Avenue Tower, located at 65 East 55th Street, next summer.

The move roughly doubles the space for the Raine Group’s New York City headquarters, as it currently occupies 17,320 square feet and one floor at 810 Seventh Avenue. Asking rent for its new digs was between $135 to $140 per square foot, CO reported.

Equity Office purchased Park Avenue Tower for $750 million in 2014, and other tenants include the National Bank of Canada, Oak Hill Capital Partners and Monday Properties, which recently inked a lease at the building for 16,000 square feet.  [CO]Eddie Small