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PennantPark Takes 12,500 SF of IBM Space

NEW YORK CITY-PennantPark Investment Advisors takes 12,500 sf of IBM sublease space on the 15th floor of 590 Madison Ave.

By Natalie Dolce | Updated on July 31, 2007

NEW YORK CITY-CB Richard Ellis arranged a seven-year lease at 590 Madison Ave. on behalf of PennantPark Investment Advisers LLC. The investment advisory firm took 12,500 sf of IBM sublease space on the 15th floor.

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.”

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