The Real Deal New York

BTIG Partners inks 65K sf lease at EQ Office’s Park Ave Tower

Broker-dealer takes private entrance on ground floor in 15-year deal
By Rich Bockmann | August 13, 2018 08:32AM

65 East 55th Street and Lisa Picard  (Credit: Park Ave Tower and Twitter)

Financial services broker-dealer BTIG Partners is moving its trading floor to the Plaza District with a 65,000-square-foot lease at EQ Office’s Park Avenue Tower.

The company, founded in 2002, signed a 15-year deal for the second, third and fourth floors in the base of the office tower at 65 East 55th Street, sources told The Real Deal.

BTIG also took space on the ground floor for a private entrance, giving the company a building-within-a-building at the 36-story tower. Financial terms of the deal were not immediately available, but asking rents at the property range from about $110 to $200 per square foot.

Representatives for BTIG and EQ Office, formerly Equity Office, could not be immediately reached for comment.

BTIG will be relocating from the Durst Organization’s 825 Third Avenue.

EQ Office, meanwhile, recently completed a $25 million renovation of the 625,000-square-foot building that the landlord kicked off in 2016 coinciding with the departures of several major tenants from the property.

BTIG is moving into a portion of the space previously occupied by the building’s largest tenant, the law firm Paul Hastings, which left the tower’s first 17 floors vacant when it relocated to the MetLife Building at 200 Park Avenue.

EQ Office late last year signed the merchant bank the Raine Group to roughly 33,000 square feet on the building’s 23rd and 24th floors. And real estate investment firm Monday Properties signed a 16,000-square-foot lease on the 27th floor in December.

EQ Office bought Park Avenue Tower for $750 million in 2014 from Shorenstein Properties.

A Newmark Knight Frank team of Neil GoldmacherBrian Goldman and Chris Mongeluzo represented BTIG Partners in the deal. Newmark brokers Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski and Lance Korman head up leasing at the building for Equity Office.

The brokers declined to comment.