Equity Office signed a new 15-year, 33,253 s/f lease with The Raine Group at Park Avenue Tower, its 620,000 s/f office building in Midtown.
Raine is a global merchant bank focused on investment and advisory opportunities in technology, media, and telecommunications. The firm has offices in New York, San Francisco, Los Angeles, London, Shanghai, and Mumbai.
Under the new lease, the company will occupy the entire 23rd and 24th floors of the 36-story tower, relocating its headquarters from 810 Seventh Avenue in the summer of 2018.
“New York City’s top companies are increasingly drawn to Park Avenue Tower for its fully modernized environment, redesigned lobby, and exclusive amenity center that provides the ideal blend of corporate and lifestyle services,” said Zach Freeman, Vice President of Leasing for Equity Office. “We are pleased to welcome The Raine Group and look forward to having them at Park Avenue Tower for years to come.”
Raine was represented in the transaction by Vice Chairman Brian Goldman and Associate Director Matthew Lorberbaum of Newmark Knight Frank. Equity Office was represented in-house by Freeman and Leasing Manager Scott Silverstein, as well as by Vice Chairman Brian Waterman, Vice Chairman Jared Horowitz, Senior Managing Director Ben Shapiro, Executive Managing Director Brent Ozarowski, and Vice Chairman Lance Korman of Newmark Knight Frank.
Equity Office recently completed a capital improvement program at Park Avenue Tower, which includes a reimagined plaza, a stylish new lobby, and the invention of The Club, a custom-designed, 20,000 s/f tenant amenity and gathering space.
Located on the concourse level of the building, The Club’s design is highlighted by modern, high-end finishes, and features a state-of-the-art fitness center with locker room facilities; a lounge with hospitality-style seating; a recreation center with billiards, foosball, and ping-pong tables; executive conference rooms outfitted with AV equipment; and a food concept with a seasonal and locally-sourced menu.
Park Avenue Tower is located between 55th and 56th Streets in the Plaza District. Built in 1986, the 36-story building is home to tenants such as the National Bank of Canada, Oak Hill Capital Management, TowerBrook Capital Partners L.P., Eminence Capital, LLC, Stephens Inc., Avista Holdings, LLC, Cyrus Capital Partners, East Rock Capital Management, and ICM Partners.