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Deals & Dealmakers

PBC USA plan comes to fruition at 452 Fifth Avenue

PBC USA announced the successful completion of its strategic, five-year asset management plan and transformation of its trophy office tower at 452 Fifth Avenue.

The announcement follows two new lease transactions for the final availabilities in the penthouse of the Class-A, 865,000-square-foot office property located across Bryant Park on 40st Street.

The space commanded triple-digit rents and offers uninterrupted, panoramic views of Bryant Park, the Empire State Building and Midtown, as well as the rapidly expanding Financial District. The announcement was made by Eli Elefant, Chief Executive Officer of PBC USA.

According to Elefant, “The completion of these two leases is the final step in realizing our vision and executing our strategy for this trophy asset. We believe there is further upside potential in this asset, as we continue to focus on additional acquisition opportunities in New York City and across the U.S.”

The ownership worked with Paul Glickman, Jonathan Fanuzzi and Michael Higgins of JLL to complete the leasing campaign at the property

Varadero Capital L.P., an alternative investment firm that seeks to capitalize on opportunistic, credit-based investment across specialized credit markets, inked a 10-year, 7,636 s/f lease for Penthouse North on the 30th floor of 452 Fifth Avenue. The firm will relocate and expand its corporate offices from 1095 Avenue of the Americas. Varadero was represented by Brian Goldman and Matthew Lorberbaum of Newmark Grubb Knight Frank in the lease negotiations.

Triangle Capital Group, a private investment firm, committed to 7,054 square feet for 10 years on the 30th floor – Penthouse South. The firm will relocate its headquarters from 157 West 57th Street. Howard Hersch represented Triangle Capital in the lease negotiations.

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