NEW YORK CITY—Investment banking and asset management firm Needham & Co., LLC is relocating its corporate headquarters down Park Avenue to nearly 30,000 square feet of space at 250 Park Ave., Globest.com has learned exclusively.
The financial services firm is relocating its 100 employees from its current headquarters space at 445 Park Ave. and expects to take occupancy of its new offices by the end of this year.
Cushman & Wakefield, which represented the building ownership in the transaction, reports that Needham & Co. will occupy the entire 10th floor at 250 Park Ave., encompassing 29,401 square feet. The lease transaction has a term of 11 years.
Cushman & Wakefield's vice chairmen David L. Hoffman, Jr. and Robert L. Billingsley, along with director Whitnee Williams represented the landlord, AEW Capital Management, L.P. on behalf of one of its institutional clients in the transaction. Atco Brokerage Services' senior managing director Peter Goldich represented Needham & Co. in the deal. C&W reports that one benefit with the move will be that Needham can now consolidate its New York City operations to one floor.
“With its new full-floor office space in the heart of Manhattan and close proximity to other financial industry leaders, we know Needham & Company will be very pleased with its new home,” says C&W's Hoffman. The lease deal brings the property to 98% leased, with just two un-leased small pre-build units under construction on the 19th floor, he adds.
The 21-story 250 Park Ave. was constructed in 1924 and is located between 46th and 47th streets. The building totals 543,292 square feet.
Needham & Co., a subsidiary of The Needham Group, Inc., is primarily focused on growth companies and their investors. In addition to its New York City headquarters, the firm also has offices in Boston, Chicago, Menlo Park, CA and San Francisco.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
