Rockefeller Capital inks lease at Rock Center

Wall Street newcomer signed a 15-year lease

New York /
Mar.March 26, 2018 04:30 PM

Rob Speyer, Greg Fleming and 630 Fifth Avenue

The new Wall Street shop that wants to transform John D. Rockefeller’s 135-year-old family office into a financial powerhouse is getting new digs at the sprawling Midtown office complex that bears the dynasty’s name.

Rockefeller Capital Management, which launched earlier in March under the direction of Morgan Stanley veteran Greg Fleming, signed a lease for roughly 65,000 square feet at Rockefeller Center’s 630 Fifth Avenue, sources told The Real Deal.

Tishman Speyer’s 41-story, 1.2 million-square-foot tower – which is also known as the International Building and 45 Rockefeller Plaza – is recognizable by the 15-foot bronze Atlas statue adorning its plaza.

The 15-year deal had a taking rent in the low $80s per square foot, according to CompStak.

Rockefeller Capital will be relocating from the offices it inherited nearby at 10 Rockefeller Plaza when the company acquired family firm Rockefeller & Company, which has a lease in the building expiring next year.

Representatives for Rockefeller Capital and Tishman Speyer declined to comment. Cushman & Wakefield’s Jonathan Serko, who negotiated the deal on behalf of the tenant, could not be reached.

John D. Rockefeller founded Rockefeller & Co. in 1882 to manage the family’s personal wealth and philanthropic interests. The company registered as an investment advisor in 1980, but it never grew to the size one might expect given the notoriety of the Rockefeller name.

Fleming’s Rockefeller Capital Management – which acquired the family firm in partnership with a Rockefeller family trust and the $25 billion Greenwich, Connecticut-based hedge fund Viking Global Investors – has $18.3 billion in assets under advisement.

But Fleming, who’s been staffing the company with a number of big-name hires, reportedly wants to grow the business to $100 billion in assets over the next five years.

Tishman Speyer acquired the 22-acre Rockefeller Center complex in 2000, when it teamed up with Lester Crown’s family to pay $1.85 billion to buy out interests owned by David Rockefeller, Goldman Sachs, Italy’s Agnelli family and the estate of Greek shipping magnate Stavros Niarchos.

Tishman recently signed flexible-office provider NYC Office Suites to 40,000 square feet at 1270 Sixth Avenue, and earlier this year it inked a 300,000-square-foot lease with Simon & Schuster to stay at 1230 Sixth Avenue.


Related Articles

arrow_forward_ios
L-R: Savanna's Chris Schlank, Eastdil Secured's Will Silverman, JLL's Bob Knakal (Photos by Paul Dilakian)
Office royalty talk conversions, distress and the “downsize upgrade” trend
Office royalty talk conversions, distress and the “downsize upgrade” trend
Columbia Property Trust's Nelson Mills and 799 Broadway (Columbia Property Trust, 799 Broadway, iStock)
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
Columbia Property Trust signs investment firm to 71K sf at 799 Broadway
East End Capital's Jonathon Yormak and 141 East Houston Street (141 East Houston Street, East End Capital)
Boutique LES office scores blockchain firm as anchor tenant
Boutique LES office scores blockchain firm as anchor tenant
Vice Media CEO Nancy Dubuc and 225 Broadway (Getty Images, Google Maps, iStock)
Refinery29 subleasing at 225 Broadway for move in with Vice
Refinery29 subleasing at 225 Broadway for move in with Vice
Naftali Group's Miki Naftali, BRP Companies' Meredith Marshall (Photos by Paul Dilakian)
Miki Naftali, Meredith Marshall talk development, death of 421a
Miki Naftali, Meredith Marshall talk development, death of 421a
R-L: Willow's Kevin Danehy, Era Ventures' Clelia Warburg Peters, Fifth Wall's Brad Greiwe and The Real Deal's Hiten Samtani (Photo by Paul Dilakian)
Real estate tech is coming for your business
Real estate tech is coming for your business
Industrious CEO Jamie Hodari and CBRE chief financial and investment officer Emma Giamartino (LinkedIn, CBRE)
CBRE doubles down on flex-office provider Industrious
CBRE doubles down on flex-office provider Industrious
New York skyline
Rising interest rates will dampen city’s investment sales market this year
Rising interest rates will dampen city’s investment sales market this year
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...