Real Estate Weekly
Image default
Deals & Dealmakers

Savills restructures lease for investment firm at Paramount Group’s 712 Fifth Avenue tower

Savills completed a lease extension for Aberdeen Standard Investments (ASI) at Paramount Group Inc.’s 712 Fifth Avenue.

As the exclusive real estate advisor for ASI in the Americas, this marks Savills seventh transaction executed in the last 18 months, across six markets.

ASI is the investment arm of Standard Life Aberdeen plc, one of the world’s largest investment companies, created in 2017 from the merger of Standard Life plc and Aberdeen Asset Management PLC. ASI manages $735.5 billion of assets (as of June 30, 2018).

Aberdeen Asset Management moved to 712 Fifth Avenue in 2012, when the firm leased 9,124 square feet on the 49th floor. By 2016, the firm had expanded onto the 50th and 51st floors, amassing a footprint of 27,372 square feet.

Following the merger, ASI needed to reconfigure its offices to accommodate integration and growth, and turned to Savills Daniel Horowitz, Jeffrey Peck, Greg Soffian, Roi Shleifer and Jacob Stern to devise a solution.

“ASI had five years left on its lease and enjoyed a premier location and building, but the company’s workplace was no longer compatible with its business operations,” said Horowitz. “By negotiating a comprehensive lease extension, ASI is able to remodel and upgrade its office now. The upgraded workplace will bring added productivity and efficiency to the organization at this critical point in its growth.

“Paramount’s professionalism and skill as a landlord enabled us to solve ASI’s solution in place, avoiding the disruption and capital expense of a relocation,” added Peck.

Designed by Kohn Pedersen Fox Associates, 712 Fifth Avenue boasts 545,000 rentable square feet and unparalleled views of Central Park and Midtown Manhattan. The 52-story office tower offers first class amenities to its tenant roster, and is within walking distance to numerous luxury hotels, museums and retail stores.

Paramount was represented in house by Peter Brindley, Doug Neye and Sean Kirk.

Related posts

Avison Young arranges 99-year ground lease for an estimated $21.5 million


Rosewood Realty Group Brokers $36.5 Million Sale of 15-Story Hells Kitchen Mixed-Use Building


Miller Construction Begins Work on an 80,000-Square-Foot Build-to-Suit Industrial Warehouse in Orlando