299 Park Ave./ Image credit: Brett Beyer
NEW YORK CITY—Bardin Hill Investment Partners signed a 12-year lease with Fisher Brothers for 28,045 square feet across the entire 24th floor at 299 Park Ave. Although the price was not disclosed, a source close to the deal tells GlobeSt.com that the asking rent was in the mid-$90s.
Founded in 1981, Bardin Hill specializes in credit strategies and event-driven equities. It manages approximately $10 billion in assets from its offices in New York, London and Luxembourg. In November 2019, the global investment management firm will relocate from its current offices at 477 Madison Ave., between E. 51st and E. 52nd streets, to the Park Avenue skyscraper which is located between E. 48th and E. 49th streets.
The 42-story, 1.2 million square-foot office tower at 299 Park Ave. originally opened in 1967. Fisher Brothers will begin renovations in the coming months. The project, awarded to David Rockwell and the Rockwell Group, will include a newly designed, more open lobby, a refashioned entrance that will allow more natural light in the lobby; and an illuminated plaza with an exterior lighting system.
Since announcing renovation plans at the building, Fisher Brothers has secured 258,000 square feet of new leases and renewals. This included full-floor leases with financial firms One William Street Capital, GoldPoint Partners, Traxys, B. Riley and Varagon Capital Partners. Financial firms Capital One, UBS, Carlyle and American Securities are also tenants in the building.
Chris Corrinet and Neil King of CBRE represented Bardin Hill. Fisher Brothers was represented in-house by Marc Packman and Clark Briffel, and by Peter Shimkin, Andrew Sachs, Eric Cagner and David Falk of Newmark Knight Frank.
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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.
