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Deals & Dealmakers

EQ welcomes investment firm to Park Ave. Tower

EQ Office announced the signing of a new 57,333 s/f lease with PineBridge Investments to occupy the entire fifth, sixth and seventh floors at Park Avenue Tower, its 36-story luxury office tower in the Plaza District.

Under the 15-year lease, PineBridge will relocate its global headquarters from 399 Park Avenue in Q4 2019, following the firm’s buildout of its new workplace.

PineBridge is a private, global asset manager focused on active, high-conviction investing, with $89.6 billion in assets under management.

“With its blend of efficient workspaces, thoughtful design and comprehensive amenity offerings, Park Avenue Tower has evolved into a magnet for leading financial services firms,” said Scott Silverstein of EQ Office.

“We are pleased that PineBridge is able to establish its headquarters in this cutting-edge environment and welcome the firm to our growing tenant roster.”

PineBridge was represented by Mitchell Steir, David Goldstein, Matthew Barlow and Nicholas Farmakis of Savills Studley.

BRIAN WATERMAN

EQ Office was represented in-house by Scott Silverstein, as well as by a Newmark Knight Frank team of Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski and Lance Korman.

PineBridge will relocate its headquarters from the fourth and sixth floors of 399 Park Avenue, where the Savills Studley team engineered a deal that enabled Moelis & Co to expand contiguously within 399 Park by taking over Pinebridge’s space via a multi-party, phased, lease surrender.

With this latest signing, EQ Office has secured 322,000 s/f of new leases since completing a repositioning of Park Avenue Tower, which included a $40 million capital improvement program the centerpiece of which is The Club, a 20,000 s/f tenant amenity space below the lobby.

For The Club, EQ Office partnered with FitLore and Convene to craft a lifestyle and wellness amenity program.The lobby and outdoor plaza were also transformed with a contemporary design.

Other tenants include the Raine Group, BTIG, CLEAR, Monday Properties, ICM Partners, Oak Hill Capital Management, TowerBrook Capital Partners and National Bank of Canada.

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