The Real Deal New York

Financial firm Evercore near deal to grow by 170K sf at Park Avenue Plaza

The deal comes after BlackRock, Swiss Re and McKinsey & Co. head for the exits
June 20, 2018 03:45PM

Evercore CEO Ralph Schlosstein and Park Avenue Plaza (Credit: Getty Images and Fisher Brothers)

Evercore will more than double its lease-space at Park Avenue Plaza, as three major tenants in the 44-story tower are preparing to move out.

The New York-based financial-services firm, which currently occupies 130,000-square-feet at 55 East 52nd Street, is in the final stages of a deal to take over 300,000-square-feet, according to Crain’s. The company will move out of its office space at 666 Fifth Avenue to fill the extra floorspace. Details on the value of the deal were not immediately available.

Colliers International‘s Alan Desino represented Evercore in the lease deal.

The new lease comes after major tenants in the building have flagged their plans to exit. Swiss Re is to move out of its 93,344 square feet space at the Fisher Brothers’ skyscraper, and shift over to 1301 Sixth Avenue.  BlackRock, another key tenant in the building with 500,000-square-feet, is set to move into 50 Hudson Yards and take over 850,000 square foot across 15 floors.

And last month, McKinsey & Company signed a 15-year lease for 186,000 square feet at Silverstein Properties’ 3 World Trade Center, and will move 900 executives from its Park Avenue Plaza location.

Fisher Brothers, who built the 1.2 million-square-foot Midtown tower in 1980, sold a 49 percent stake in the building to Soho China in 2011. [Crains] — David Jeans