CBRE's Susan Kahaner, a SVP in the firm's Midtown office, and Laurence Briody, SVP, represented PennantPark in the transaction. CBRE's James Ackerson, VP, and Sinclair Li, senior associate, represented IBM. A CBRE spokesperson tells GlobeSt.com that the price per sf can not be publicized; however, MrOfficeSpace.com lists the 31st floor rent at and asking $135 per sf and the 39th floor at $160 per sf.
"This was a great deal for both sides," says Kahaner. "PennantPark, having recently been founded by former Apollo Investment Corp. president and COO Arthur Penn, was able to find high-quality space, and IBM landed a strong tenant for its sublease space."
PennantPark's portfolio consists primarily of investments in subordinated loans and senior secured loans made to private US middle-market companies. The company's investments in mezzanine loans, senior secured loans and other investments range between $15 million and $50 million each.
The one-million-sf 590 Madison Ave. is home to office tenants such as Akin, Gump, Strauss, Hauer & Feld, Bank of America, Smith Barney, Frank Russell Trust, Nippon Express USA Inc., UBS and Barclays Global Investors.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
