JLL has brokered two transactions for a total of 31,951 square feet at the luxury Plaza District office tower at 65 East 55th Street, also known as Park Avenue Tower, on behalf of two leading investment firms.
Panagram Structured Asset Management will relocate from 51 Astor Place to a long-term lease for 15,436 square feet, spanning the entire 29th floor of Park Avenue Tower. Quilvest Capital Partners will relocate from 527 Madison Avenue, nearly doubling its footprint in a 10-year lease for 16,515 square feet of space across the entire 25th floor of the property.
JLL Executive Managing Director Daniel Posy and Vice President Peter Michailidis represented Quilvest, while Posy, along with Associate Ian Lipman, represented Panagram. Property owner EQ Office was represented in-house by Scott Silverstein, Director, Portfolio Management, and by Brent Ozarowski, Executive Managing Director at Newmark, along with the Newmark leasing team.
“These transactions highlight the opportunity for premier tenants to secure superior office space in one of the city’s best commercial towers,” said Posy. “Park Avenue Tower’s high-caliber amenities and excellent location within a transit hub support tenants’ ability to attract and retain top talent in a highly competitive marketplace.”
Panagram Structured Asset Management and Quilvest will join a roster of high-profile financial tenants which call the 620,000-square-foot building home, including Exodus Point Capital, BTIG Partners and PineBridge Investment.
Frances Madrid, Head of Operations, Quilvest, said: “Quilvest’s relocation to Park Avenue Tower highlights our commitment to prioritize personnel as we continue to grow our business. The new space provides efficient floorplates, first-class amenities and contemporary space with abundant light and air.”
“With our unique full floor offerings, proximity to Park Avenue corridor, and thoughtfully designed common areas, Park Avenue Tower is well suited for prestigious companies such as Panagram and Quilvest. We continue to see high demand at this location and remain focused on providing our tenants an exceptional workplace experience to help them excel,” said Silverstein.
At Park Avenue Tower, tenants can enjoy access to an exclusive 20,000-square-foot amenity space on the concourse level that includes a high-end fitness center, lounge area, recreation center, conference rooms and a grab-and-go food concept. The 36-story tower boasts unparalleled views of the New York City skyline and Central Park.
Park Avenue Tower’s central location in Midtown Manhattan places it close to many of the world’s leading financial institutions, cultural destinations and transit centers, including Grand Central Terminal and 16 separate subway lines.
Founded in June 2021, Panagram Structured Asset Management is an Eldridge business and an SEC-registered investment adviser specializing in structured credit. The company has approximately $13.5 billion in assets under management.
Quilvest is a leading global independent wealth manager and private equity investor. It is part of the Quilvest Group that was formed in 1917 to manage the holdings of the Bemberg family, the founders of Quilmes Brewery, Argentina’s largest brewery. Today, the company has $6 billion in assets under management.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.