The Raine Group, an investment bank famous for executing major deals in the world of sports, media and telecommunication, inked a deal for itself today, signing a 15-year lease for two floors at Park Avenue Tower.
Raine, best known for helping former Microsoft CEO Steve Ballmer buy the Los Angeles Clippers basketball team and for advising Japanese conglomerate SoftBank on its acquisition of Sprint, will occupy 33,253 s/f inside the 36-story office tower.
The company did not release a price value for the lease, but a recent market report from Jones Lang LaSalle pegs the average annual asking rent for Class A office space in the Plaza District at $93.53, which would put the Raine deal at more than $3 million per year.
Newmark Knight Frank had teams representing both the tenant and the owner, Equity Office.
NKF vice chairman Brian Goldman and associate director Matthew Lorberbaum represented Raine while vice
president of Leasing Zach Freeman, vice chairmen Brian Waterman, Lance Korman and Jared Horowitz, managing directors Brent Ozarowski and Ben Shapiro, and Equity Office leasing manager Scott Silverstein worked for the landlord.
“We are proud to have achieved optimal results for our client,” Goldman said. “We maximized Equity Offices design/build-out offering at Park Avenue Tower to create a dynamic and collaborative space in direct
alignment with Raine’s objectives.”
Raine, which also has offices in San Francisco, Los Angeles, Mumbai, Shanghai and London, will leave its current New York headquarters at 810 Seventh Avenue later this year as it prepares to move into Park Avenue Tower this summer.
On Park Avenue between 55th and 56th Streets, 620,000 s/f tower, includes various amenities such as a 20,000 s/f gathering space, a fitness center, lounge, recreation center, conference rooms and a grab-and-go food stand.
Other tenants at the revamped office tower include Monday Properties, National Bank of Canada, Cyrus Capital Partners and Eminence Capital.