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

New York /
Jun.June 20, 2018 03:45 PM

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 


Related Articles

arrow_forward_ios
Steve Witkoff and Ian Schrager in front of the iconic PUBLIC hotel escalators. (PUBLIC, Getty)
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
EB-5 fund alleges Schrager, Witkoff siphoned money from Public Hotel
Best Buy has closed about 20 of its big-box stores in each of the past two years (iStock)
Best Buy lays off 5,000 staffers, increases store closures
Best Buy lays off 5,000 staffers, increases store closures
Ryan Serhant and Gary Barnett on Development Slowdown in Pandemic
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Coffee Talk: Extell’s Gary Barnett and Ryan Serhant
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
Central Queens Academy's Ashish Kapadia and United's Chris Jiashu Xu with a rendering of 88-08 Justice Avenue (Linkedin, iStock)
Charter school takes 85K sf in Queens condo building
Charter school takes 85K sf in Queens condo building
(IStock illustration by Kevin Rebong)
Smaller cities look to cash in on shift to remote work
Smaller cities look to cash in on shift to remote work
421-427 East 14th Street (Google Maps, iStock)
Stuy Town to get new 17K sf grocery store
Stuy Town to get new 17K sf grocery store
Photo illustration of Mayor Bill de Blasio as Uncle Sam (iStock, Getty/Illustration by Kevin Rebong)
NYC has $1.3B in unpaid property taxes
NYC has $1.3B in unpaid property taxes
arrow_forward_ios

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

Loading...