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
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
The Roger New York hotel at 131 Madison Avenue, Larry Korman of AKA Hotel Residences and Joe Lubeck of Electra America (Google Maps, Getty, Electra)
Electra America JV nabs Roger hotel for $71M discount
Electra America JV nabs Roger hotel for $71M discount
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Oceanwide’s US business is sinking. Can it right the ship?
Crescent Real Estate chairman John Goff and Crescent Court (Crescent)
Here’s what tenants pay at the Crescent mixed-use tower in Dallas
Here’s what tenants pay at the Crescent mixed-use tower in Dallas
Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
Chetrit Group principal Michael Chetrit and 850 Third Avenue (850thirdavenue)
CMBS loan for Chetrit’s 850 Third Avenue enters special servicing
CMBS loan for Chetrit’s 850 Third Avenue enters special servicing
From left: Alvin Dworman, 155 East 55th Street, 65 West 55th Street, and 210 East 58th Street (Getty, Google Maps)
Alvin Dworman Sells 3 Manhattan Buildings for $65M
Alvin Dworman Sells 3 Manhattan Buildings for $65M
525 Market Street, Amazon CEO Jeff Bezos, Sephora CEO Martin Brok and Wells Fargo CEO Charles W. Scharf. (Getty, Keating Architecture)
Here’s what tenants pay at 525 Market Street in San Fran
Here’s what tenants pay at 525 Market Street in San Fran
arrow_forward_ios

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

Loading...