Rockrose Development Corp. announced that Iconiq Capital Group, LLC, a private investment firm that manages money for ultra-high net worth individuals and families, has signed a long-term office lease at 15 East 26th Street, a 150,000 s/f boutique commercial office building that was purchased by Rockrose in December 2013.
Iconiq’s 6,000 s/f space will serve as the San Francisco-based firm’s East Coast headquarters.
The lease transaction is the first at the building since Rockrose acquired it, and, at $79 per square foot, the rent represents the highest price now being paid for office space in the Madison Square Park area of Midtown South.
Mitchell Konsker, Matt Polhemus and Brittany Wunsch of JLL represented Rockrose in the lease transaction. Raphel De Niro and Evangelos Karras of Douglas Elliman Real Estate represented Iconiq.
Justin Elghanayan, president of Rockrose, said, “We are very proud to have attracted Iconiq Capital Group, one of the most prestigious family offices in the nation. A roster of the firm’s clients would include many of Silicon Valley’s boldface names, as well as those early employees of tech start-ups who became overnight millionaires when their companies went public. It’s clear that Iconiq believes that the same level of innovation and energy in technology has now reached New York.”
Located on Madison Square Park, 15 East 26th Street was purchased by Rockrose for $105 million. Rockrose plans to move its own corporate offices to the property in the near future.
Constructed in 1920, 15 East 26th Street is located in a landmarked historic district and houses a mix of high-tech and creative tenants including Vera Wang, which has executive offices and a showroom in the building. The commercial portion of the building consists of 150,000 s/f on floors one through eight and is currently over 95% leased.
Under Rockrose ownership, the building will be modernized and upgraded. The purchase is part of a plan for Rockrose to sgrow its office portfolio in New York and Washington, DC.