James Vandervliet, VP of leasing with Paramount, says the space will enable the company to "continue its expansion for years to come." Robert Tannenhauser, CEO of Business Loan Express, concurs saying the space provides "ample room to significantly expand" its operations.
Financial information about the transaction was not released. Business Loan Express was represented by CB Richard Ellis. Located at 50th Street between Broadway and Eighth Avenue, 1633 Broadway is already called home by Morgan Stanley, Viacom International, Bank of America and Hachette-Filipacchi Media.
And yet another hedge fund enters the US market as London-based Brevan Howard Asset Management LLP, which has more than $8 billion under management, inked a deal for to 5,661 sf of office space at the IBM Building. The CBRE team of Benjamin L. Friedland and Silvio Petriello acted on behalf of Brevan Howard, while the owner was represented by Barry Zeller, John Serko, Donald DiRenzo, Jr. and David Malawer of Cushman and Wakefield, in conjunction with Jeffrey Sussman of Edward J. Minskoff Equities Inc.
Brevan will occupy part of the ninth floor at 590 Madison Ave., a 1.1-million-sf, 43-story, trophy tower located on the full Madison blockfront from 56th to 57th street. Friedland says Brevan wanted only "specifically designed, premium quality office space" and had "zero appetite for getting involved in a construction project." The IBM site has a "built-to-suit" program that allowed the fund to design the space and have the landlord build it out so and then present it in move-in condition.
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