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Deals & Dealmakers

452 Fifth lease puts PBC in buying state of mind

PBC USA Real Estate LLC announced it has inked a new lease for the entire 29th floor and the northern half of the 30th floor at its trophy, 865,000 s/f office tower located at 452 Fifth Avenue.

StormHarbour Securities, an independent global markets and financial advisory firm, committed to 24,000 s/f of office space in a long-term lease arranged by CBRE and CBC Alliance.

The completion of this transaction brings the Class A office property to near full occupancy with only its 7,054 s/f penthouse south available for lease.

The penthouse boasts uninterrupted, panoramic views of the Empire State Building and Midtown, as well as the rapidly rising Financial District.

The announcement on the StormHarbour deal was made by Alicia Popper, senior vice president of Leasing & Construction at PBC USA Real Estate, who represented the ownership in the negotiations.
The CBRE team led by Craig Reicher and Howard Fiddle also represented the ownership. Barry Lewen of CBC Alliance acted on behalf of StormHarbour Securities.

452 Fifth Avenue
452 Fifth Avenue

According to Eli Elefant, chief executive officer of PBC USA Real Estate, “The StormHarbour lease is practically the final step in the realization of our vision for this trophy asset, allowing us to focus on our broader business plan of targeting unique acquisition opportunities and expanding our presence in the market.”

Previously located at 140 East 45th Street, StormHarbour will be relocating its New York City headquarters operations at 452 Fifth Avenue.

The financial services partnership was founded by Antonio Cacorino, Fredrick Chapey and Sohail Khan who have over 70 years of combined banking experience. The company has a team of almost 200 professionals across offices in New York, London, Lisbon, Madrid, Hong Kong, Singapore and Tokyo
PBC USA Real Estate purchased 452 Fifth Avenue in April 2010 from HSBC for $330 million.

In 2011, the ownership completed phase one of a $45 million capital improvement campaign, which included the redevelopment of a multi-floor lobby and entrance, the upgrade of all the high rise elevators serving the tower floors, and the upgrade of new emergency power generators.

With the completion of the second phase of its capital improvement plan and the installation
of two mission critical projects — new cooling towers and an additional generator serving the tower floors — the building’s ownership created one of the most technologically-advanced spaces to ever hit the market.

The 10-story, landmark Beaux-Arts building was constructed in 1902 with an adjoining 30 story tower. It also includes 31,189 s/f of retail space on Fifth Avenue.

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