Deals Spotlight Growth in Financial Services Sector

NEW YORK CITY-Continued movement in the city’s office space reinforces the belief that the financial services industry is making a comeback in the metro area. Three recent deals brokered by CB Richard Ellis also highlight the growth of the minority-owned companies in the industry.

Eric Yarbro, senior vice president of CBRE’s Midtown Manhattan office, negotiated all three transactions on behalf of the tenants. “Minority-owned businesses, specifically within the financial services arena, have grown and expanded their presence in New York City by leaps and bounds over the past few months,” Yarbro explains. “These new leases are indicative of not only this growing trend, but also of a national economy headed toward recovery.”

In the first deal, Advent Capital Management LLC doubled its space at 1605 Avenue of Americas. The investment advisory services firm previously occupied 7,334 sf for its corporate headquarters but will now expand to 14,600 sf with the addition of another floor within the building. The terms of the deal were not available.