Evercore Partners, an independent investment banking advisory firm, will soon expand its operations into the Rudin Family’s office tower at 40 East 52nd Street.
The financial services company has signed a 9-year, 30,356 s/f lease comprising the entire 11th floor and a portion of the 12thh floor at the 23-story blockthrough office building, located between Park and Madison Avenues, with entrances at both 52nd and 51st Streets.
Evercore, which advises its clients on mergers, acquisitions, divestitures, restructurings, financings, public offerings, private placements and other strategic transactions, expects to move into its new space by June. The company is retaining its existing offices across the street at 55 East 52nd Street.
“We’re delighted that one of the elite names in the international financial community has chosen 40 East 52nd Street to continue its growth and expansion in the New York marketplace,” stated Bill Rudin, co-vice chairman and CEO of Rudin Management Company, the operating arm of the Rudin Family holdings.
“This transaction is a key indicator that the financial services sector is maintaining its status as a signature industry in midtown Manhattan.”
Alan Desino of Colliers International represented the tenant in the long-term transaction, while Tom Keating of Rudin Management represented the building’s ownership in house. Asking rents for office space at 40 East 52nd Street range from $60 to $70 psf.
According to Keating, only 12,000 s/f is currently available at 40 East 52nd Street. In addition to Evercore Partners, the building boasts a diverse roster of financial, media and professional services tenants, including BlackRock, Inc. and Business Wire.
Built in 1986, 40 East 52nd Street has a landscaped plaza on the 51st Street side of the building, a granite lobby and vertical facets sculpted on the façade to provide additional corner offices viewing Park Avenue.