NEW YORK CITY—Fisher Brothers has leased 29,173 square feet of office space to B. Riley Financial, Inc. at 299 Park Ave.
Headquartered in Los Angeles, B. Riley provides financial and business advisory services with offices located in the US, Europe and Australia. In June 2017, the company acquired FBR & Co., which had been a subtenant at 299 Park Ave. since April 2004. Under the 10-year lease, in August 2018, B. Riley will move from its current location on the seventh floor to occupy the entire 21st floor of the Midtown East tower.
“B. Riley inherited a sublease at 299 Park Avenue and, after considering other alternatives in the area, determined this location provided the level of quality and service best suited for their needs,” says Fisher Brothers partner Winston Fisher. “We are thrilled we were able to accommodate B. Riley's need for a long-term home in Manhattan and view this lease signing as a validation of our efforts to position 299 Park as best-in-class in the Plaza District.”
With this deal, Fisher Brothers has brought 299 Park Avenue to over 90% leased with tenants signing on for nearly 180,000 square feet of space since May 2017. B. Riley joins other financial services companies in the building including Capital One, UBS, Carlyle and American Securities.
Recent leases secured by Fisher Brothers at the tower include Traxys Group, which signed a 29,771-square-foot lease for the entire 38th floor, and Varagon Capital Partners which leased 28,316-square-foot, the full third floor of the building.
Fisher Brothers will begin a major capital improvement program at the Plaza District tower later this year. David Rockwell and the Rockwell Group are designing the project which will include a renovated lobby, and new entrance and plaza.
Originally opening in 1967, the 1.2 million square foot, 42-story tower was designed by Emery Roth & Sons and built by Fisher Brothers. It occupies the full block between 48th and 49th streets and has served as the long-time corporate headquarters of Fisher Brothers. Built over tracks serving the New Haven Railroad without disrupting the railway service, at the time it was heralded as a feat in modern engineering and architecture.
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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.
