The Real Deal New York

A $12B fintech firm is relocating to
Fisher Brothers’ 605 Third

Broadridge Financial is moving from One Park Ave
By Rich Bockmann | November 16, 2018 12:30PM

Ken Fisher and 605 Third Avenue and Ken Fisher (Credit: William Taufic)

UPDATED, Nov. 19, 8:18 a.m.: Fintech company Broadridge Financial is relocating its offices to Third Avenue.

The S&P 500 company, which specializes in processing proxy votes for thousands of shareholder meetings, signed a lease for 85,000 square feet at Fisher Brothers’ 605 Third Avenue, the landlord confirmed to The Real Deal.

Founded in 2007, Broadridge has a market capitalization of $12.25 billion and is headquartered in the Nassau County town of Lake Success.

In Manhattan, the company had previously consolidated several offices at Vornado Realty Trust’s One Park Avenue. Now, the company will relocate the One Park Avenue office to the 39th through 42nd floors at Fisher Brothers’ 44-story building between East 39th and East 40th streets, which the landlord owns with J.P. Morgan’s asset management division.

The 15-year deal has a starting rent in the high $70s per square foot, according to information from CompStak.

Fisher Brothers recently completed a $25 million renovation at the 1.1 million-square-foot building, which included a renovated lobby designed by the architect David Rockwell, who is known for his work with celebrity chefs and restaurateurs like Danny Meyer and Nobuyuki Matsuhisa

Fisher Brothers partner Ken Fisher credited the company’s “efforts to modernize the property through the lobby renovation” as a key selling point to tenants.

Paul Amoruso and Michael Ciotta of the Nassau County-based brokerage Oxford and Simpson represented Broadridge in the negotiations. Fisher Brothers’ in-house team of Marc Packman and Clark Briffel negotiated on behalf of the landlord, alongside the building’s agency team of Bruce Mosler, Louis D’Avanzo, Andrew Ross, Michael Baraldi and Maria Travlos at Cushman & Wakefield.

Fisher Brothers said it’s signed 400,000 square feet worth of leases since early 2016, and the building is now 93 percent leased.

The landlord this year has signed the law firm Day Pitney to nearly 20,000 square feet in the building, as well as the Permanent Mission of Japan to the United Nations to 50,000 square feet and a subsidiary of the Minnesota-based business services firm Deluxe Corporation, which signed on for more than 20,000 square feet.

And meeting-space provider Convene signed a lease for shy of 30,000 square feet on the building’s seventh floor, where it plans to open an amenity space with a cafe and outdoor terrace.

Other tenants at the tower include Informa, Univision and AECOM, David Hutcher & Citron and the United Nations Population Fund.

Fisher Brothers developed the office building in 1963. In late 2013, National Bulk Carriers sold a 49-percent stake in the buildings at 605 Third Avenue and 1345 Sixth Avenue to the private equity firm Rockpoint Group in a deal valuing the properties at $2.1 billion.

Rockpoint a year later sold its stake to J.P. Morgan Asset Management. The transaction valued the buildings at $2.5 billion.

Correction: A previous version of the story incorrectly identified the party that sold a 49-percent stake in 605 Third Avenue and 1345 Sixth Avenue to Rockpoint Group in 2013, as well as the valuations at the time.