Billy Macklowe is getting a new tenant for a Park Avenue South tower that he plunked down $120 million for, the New York Observer reported.
Impact Republic, an investment management firm, is taking 11,607 square feet on the 18th floor of Macklowe’s 386 Park Avenue South; asking rents in the building are between $50 and $60 per square foot. The tower is about eight blocks north of the start-up’s current offices at 235 Park Avenue South.
“Impact Republic sought high-quality office space that would enhance the image of the newly launched company,” Alexander Chudnoff, vice chairman of Jones Lang LaSalle, told the Observer. “The investment management firm’s new space on the 18th floor offers terrific views of Manhattan and includes the use of two terraces.”
Chudnoff, along with Adam Haber, represented the tenant, working with CBRE, which represented Macklowe .
Macklowe purchased the building last summer from majority owner Savanna and minority owner Monday Properties. A capital improvement program followed the acquisition, including renovations to the building facade, elevators, front entrance and lobby. [NYO] — Julie Strickland