New York City—The Raine Group will be relocating its headquarters to 33,253 square feet of office space, the entire 23rd and 24th floors at the Park Avenue Tower. A source with knowledge of the deal tells GlobeSt.com that asking rent for the 15-year lease is $135 to $140 per square foot.
The international merchant bank focused on investment and advisory services in technology, media, and telecommunications will move from its current offices at 810 Seventh Ave. in the summer of 2018.
This is the second major tenant moving to the Plaza District property at 65. E. 55th St. to make business news headlines in December. Less than two weeks ago, Equity Office announced that real estate firm Monday Properties also signed a lease at the tower.
Equity Office recently completed a capital improvement program at the 620,000 square foot, 36-story structure, originally built in 1986. It included upgrading the plaza and lobby and creating a 20,000 square-foot tenant gathering space with a fitness center, lounge, recreation area, conference rooms and eatery.
In addition to the Raine Group and Monday Properties, Park Avenue Tower tenants include National Bank of Canada, Oak Hill Capital Management, TowerBrook Capital Partners, Eminence Capital, Stephens Inc., Avista Holdings, Cyrus Capital Partners, East Rock Capital Management and ICM Partners.
Newmark Knight Frank's Brian Goldman and Matthew Lorberbaum represented the Raine Group. Equity Office was represented in-house by Zach Freeman and Scott Silverstein, and by Newmark Knight Frank's Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski and Lance Korman.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
