In a deal structured around the firm’s long term facilities strategy, KLS Professional Advisors Group, LLC, a wealth management firm, will soon relocate from the Flatiron District to Midtown Manhattan.
The financial company has signed a 16-year, 30,852 s/f leasing transaction comprising a portion of the 12th floor and the entire 14th floor at 1325 Avenue of the Americas. The 35-story, class A building is located between West 53rd and West 54th Streets.
KLS will move its offices in the third quarter of 2014, following a one year early termination of its 19,500 s/f lease at 111 Fifth Avenue.
Savills Studley’s executive managing director Joseph Genovesi and associate John Harte structured a “mutually beneficial solution at no feeˮ which enabled KLS to immediately commit to new space.
“After an extensive search process, this deal allowed us to secure a long-term home for KLS and create a high-end Midtown office environment for them,” Genovesi said, adding the move was the “next step” in the organization’s successful growth strategy.
“Considering market trends, we advised KLS to make an early long-term commitment at today’s rates in Midtown, which were still favorable for tenants. KLS had clear goals to be in a first-class environment, and 1325 was a perfect match.”
The Savills Studley team of Genovesi and Harte represented the tenant, while Frank Doyle of Jones Lang LaSalle represented the building’s ownership, the Paramount Group, Inc.
Founded in 1989, KLS specializes in investment management.