Cresa Managing Principals Peter Sabesan and Steve Schaumberg, and Vice President Daniel Taormina have arranged a new lease for MidCap Financial Services, LLC at The Feil Organization’s 551 Fifth Avenue (The Fred F. French Building).
The firm will relocate and expand its offices from the sixth floor to the entire 5,645-square-foot 31st floor of the landmark tower.
MidCap Financial Services, in conjunction with investment manager Apollo Capital Management, an affiliate of Apollo Global Management, is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries.
“This lease reflects Midcap Financial Services’ market resilience and ability to grow despite the pandemic-related challenges faced by so many businesses over the past year,” said Sabesan. “It also gave us an opportunity to once again work with Steve Schaumberg, who represents the tenant in Washington, D.C., enabling us to provide a comprehensive range of services in multiple markets.”
The landlord, Feil Organization, was represented in-house by Kevin Driscoll, Vice President-Commercial Leasing. The asking rent for the 10-year lease was $65-per-square-foot. The tenant is expected to move into the new space by October 2021.
Driscoll added, “Expanding a tenant and relocating within our building is a testament to how we operate and run our properties. We have great relationship with our tenants and brokers and are excited to see MidCap Financial Services, LLC expand within 551 Fifth Avenue.”