The Real Deal New York

Asset manager New Mountain Capital inks 100K sf lease in Midtown

Company is relocating from the AXA Equitable Center across the street to Paramount Group’s 1633 Broadway
By Rich Bockmann | February 05, 2019 05:00PM

1633 Broadway and Albert Behler (Credit: Google Maps)

Alternative-asset manager New Mountain Capital is relocating its offices north of Times Square, but it’s not going far.

The company, which has more than $20 billion in assets under management, inked a deal to relocate its current headquarters at the AXA Equitable Center just across the street to 1633 Broadway.

New Mountain Capital signed a lease for about 108,000 square feet at the Paramount Group building, sources told The Real Deal.

A spokesperson for New Mountain Capital declined to comment, and representatives for Paramount Group did not respond to a request for comment.

Savills Studley’s Ken Ruderman and Nate Brzozowski represented New Mountain Capital in the deal. The brokers declined to comment.

Ken Ruderman and Nate Brzozowski

Founded in 1999 by Steven Klinsky, an alumn of Goldman Sachs’ leveraged-buyout group, New Mountain Capital manages private equity, real estate and other alternative assets.

The company first moved into about 24,000 square feet the Equitable Center at787 Seventh Avenue in 2005. It’s not clear how much space the firm occupies now.

At 1633 Broadway, meanwhile, Albert Behler’s Paramount Group signed the open-source database startup MongoDB to roughly 106,000 square feet in 2017.

A CBRE team of Paul Amrich, Howard Fiddle, Stephen Siegel, Patrice Hayden Meagher, Emily Jones and Robert Hill handles leasing at the building.

In December, the Blackstone Group bought a 10 percent stake in New Mountain Capital for an undisclosed amount. New Mountain is reportedly planning to raise a $1 billion fund to focus on minority investments.