Fisher Brothers signed a new 16-year, 91,019 s/f direct lease with Duff & Phelps at Park Avenue Plaza, its 45-story tower in the Plaza District.
Duff & Phelps, which has been subleasing 62,413 s/f on the 30th and 31st floors of Park Avenue Plaza since 2007, will move its global headquarters to the entire 15th, 16th, and 17th floors of the tower in September 2019.
With over 3,500 employees in 28 countries worldwide, Duff & Phelps works in the areas of valuation, corporate finance, cyber security, compliance and regulatory matters.
“We are thrilled that Duff & Phelps has made a long-term commitment to maintain its global headquarters at Park Avenue Plaza and are pleased we were able to accommodate their continued growth,” said Fisher Brothers partner Ken Fisher.
The Duff & Phelps lease follows a July agreement with Evercore to expand its footprint to 350,000 square feet and remain in the Fisher Brothers tower through 2034. Like Duff & Phelps, Evercore initially moved to Park Avenue Plaza via a sublease more than 20 years ago. These expansions include five of the seven floors that were set to become available at Park Avenue Plaza in 2019, leaving just two floors currently available for lease.
“It is always a source of pride when blue-chip firms like Duff & Phelps and Evercore transition from a sublease to a direct, long-term relationship,” added Fisher Brothers partner Winston Fisher. “We view it as validation of our efforts to provide an exceptional experience to all of our tenants.”
Brett Marschke, Chief Operating Officer, Duff & Phelps, said, “The expanded space at Park Avenue Plaza will bring all of our New York teams under one roof. This will enhance collaboration and allow us to better serve our clients.” Duff & Phelps was represented by Mike Catalano, Greg Taubin, and Pete Cento of Savills Studley. Fisher Brothers was represented in-house by Marc S. Packman and Charles P. Laginestra.
The leases follow Fisher Brothers’ $40 million renovation of the tower’s 13,000 s/f public-access, through-block arcade in 2016. Working with architecture and interior design firm Janson Goldstein, Fisher Brothers created a space with 30-foot glass columns and LED lighting.
Designed by Skidmore, Owings & Merrill and completed in 1981, Park Avenue Plaza is 1.2 M s/f and has 12 corner offices per floor, column-free 45 ft. interior spans and a glass-walled atrium lobby.