PineBridge Leases 57,333 SF at EQ Office’s Park Avenue Tower
The Blackstone company has leased out three full floors at the Plaza District tower.
NEW YORK CITY—EQ Office, a real estate portfolio company wholly owned by Blackstone, has leased 57,333 square feet at 65 E. 55th St. to PineBridge Investments for 15 years. The private, global asset manager will occupy the entire fifth, sixth and seventh floors. Standing between 55th and 56th streets, the Park Avenue Tower is in the heart of the Plaza District. Victor Rodriguez, a senior market analyst at CoStar, states that asking rents for Class A buildings in the Plaza submarket are $91 per square foot.
PineBridge was represented by Mitchell Steir, David Goldstein, Matthew Barlow and Nicholas Farmakis of Savills Studley. EQ Office was represented in-house by Scott Silverstein, and by Newmark Knight Frank’s Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski and Lance Korman.
Following the buildout of its new space, during Q4 2019, PineBridge will move its headquarters, vacating the fourth and sixth floors of 399 Park Ave. Their brokers Savills Studley negotiated the relocation without PineBridge’s having to sublease its current space.
“The transaction enabled Moelis & Company to expand contiguously within 399 Park by taking over PineBridge’s space via a multi-party, phased, lease surrender,” says Goldstein.
PineBridge has $89.6 billion in assets under management. Its clients include pension plans, insurance companies, official institutions, private banks, advisors and intermediaries from 21 global locations.
With this latest signing, EQ Office has secured 322,000 square feet of new leases since completing its repositioning. Originally built in 1986, the 620,000-square-foot building has undergone $40 million in renovations. This included creating a 20,000-square-foot tenant amenity space with a fitness facility, business lounge, conference center and community programming. In addition, EQ Office renovated the outdoor plaza, redesigned the lobby and upgraded mechanical systems.
Other tenants in the building include the Raine Group, BTIG, CLEAR, Monday Properties, ICM Partners, Oak Hill Capital Management, TowerBrook Capital Partners L.P., Stephens Inc., Avista Holdings, LLC, Cyrus Capital Partners, East Rock Capital Management, and National Bank of Canada.