Private equity firm takes 10K square feet in Plaza District

A growing private equity firm moved to its third location in four years to take nearly 10,000 square feet of sublease space in a Paramount Group Plaza District office tower at 712 Fifth Avenue.

Manhattan-based private equity firm CapitalSpring moved from 488 Madison Avenue to take 9,734 square feet on the 23rd floor of the 52-story building at the corner of 56th Street and Fifth Avenue, according to a statement from tenant broker UGL Equis.

CapitalSpring picked up the remaining six and a half years from sublandlord JL Thornton & Company for the entire floor, in a building where leases at the height of the market were in the upper $100s per square foot, UGL Equis broker and managing director Dirk Hrobsky said.
Gordon Ogden and Benjamin Mohr of Byrnam Wood represented JL Thornton.

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The firm was in an executive suite as recently as about four years ago, when it moved to the top floor of 488 Madison Avenue between 51st and 52nd streets, occupying about 4,000 square feet.

“Then as more sublease space came on the market and as options grew, they had the option to contemplate the move,” to the new location, Hrobsky said. He did not provide the rental amount. Asking rents in the building were not immediately available.