Equity Office has signed a new lease with investment advisory firm Cyrus Capital Partners L.P. to move its headquarters to 23,356 s/fat Park Avenue Tower, its 36-story luxury office tower in Midtown Manhattan.
Cyrus Capital, a SEC-registered investment advisor that currently manages approximately $4.5 billion, will occupy 15,048 s/f across the entire 34th floor and 8,308 s/f across a portion of the 35th floor.
Equity Office will build out the space for the tenant, including the construction of an internal staircase to connect the two floors, with completion slated for the fourth quarter of 2017.
While the buildout of Cyrus Capital’s new space is occurring, the firm will occupy space on the sixth floor, relocating from 399 Park Avenue in May 2017.
“Our capital improvement program has transformed Park Avenue Tower with contemporary design, high-end finishes, and modernized systems that distinguish it from other Midtown buildings,” said Zach Freeman of Equity Office.
“Cyrus Capital, which has been a fixture in the Plaza District for years, was drawn to Park Avenue Tower’s reimagined lobby, amenity center with fitness and locker facilities, and the ability to create an office space tailored to its needs. We are pleased to welcome the firm to our prestigious tenant roster.”
Cyrus Capital was represented in the transaction by Ben Friedland and Silvio Petriello of CBRE. Equity Office was represented in-house by Freeman and Scott Silverstein, as well as by Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski, and Lance Korman of Newmark Grubb Knight Frank.
“After an extensive two-year search, the combination of efficient floors, boutique feel, stunning views and exclusive amenities made Park Avenue Tower the perfect spot for Cyrus Capital’s next home. The firm has enjoyed a Park Avenue location for many years, first at Lever House, then 399 Park Avenue and now at the re-imagined 65 East 55th Street,” said Friedland and Petriello.
Equity Office is in the midst of a capital improvement program at the 620,000 s/f building, which includes a reimagined plaza, stylish new lobby, and the invention of The Club, a custom-designed 20,000 s/f tenant amenity and gathering space located on the concourse level of Park Avenue Tower.
The space includes a fitness center, business and recreation lounge, and a food concept.
Park Avenue Tower is located between 55th and 56th Streets in the Plaza District. Built in 1986, tenants in the 36-story building include the National Bank of Canada, Oak Hill Capital Management, King Street Capital Management, TowerBrook Capital Partners, Avista Holdings, and ICM Partners.