Cushman & Wakefield secured its third lease in two months for the property; CBRE represents landlord in carry-over lease
New York, NY – September 5, 2018 – Cushman & Wakefield today announced that the real estate services firm has secured an additional lease at 575 Fifth Avenue in Midtown Manhattan on behalf of the landlord, Beacon Capital Partners & MetLife Investment Management. The tenant, Balbec Capital LP, will take 6,113 rentable square feet of new, prebuilt space on the 19th floor of the property. Additionally, ICICI Bank, inked 9,151 rentable square feet of turnkey office space on the 26th floor in a carry-over lease handled by the property’s previous brokerage, CBRE. Both tenants will use the space for their New York offices.
A Cushman & Wakefield team consisting of Executive Vice Chairman Josh Kuriloff, Matthias Li, Anthony LoPresti, Andrew Braver, and Jim McCaffrey represented the landlord, with Bruce Mosler, Chairman of Global Brokerage, providing executive oversight. David Stockel and Alex Erdos of CBRE represented the tenant, Balbec Capital LP. Roshan Shah of CBRE represented ICICI Bank in theeir leasing transaction.
“The property has secured four new leases in two months, demonstrating the enhancements to the asset and the customization opportunities provided by ownership are very appealing to current tenants in the market,” said Josh Kuriloff of Cushman & Wakefield. “Leasing success will endure as ownership continues to show investment and commitment to the property and to the future tenancy of the building.”
The 40-story, Class A office building has over 250,000 rentable square feet of available space, ranging from small suites on partial floors to full floor opportunities. The building owners completed a $25 million capital improvement program that includes a fully-renovated lobby, a new building canopy and entrance, updated lighting, enhanced internet and wireless connectivity, and a new destination-dispatch elevator service. Tenants’ amenities include a 6,000 square foot conference center and tenant lounge as well as a three-story, light-filled public atrium with access to retail and restaurants. Additional amenities are a bike room, messenger room, an on-site Starbucks and a 24/7 security desk.
575 Fifth Avenue is in the heart of Midtown surrounded by paramount New York landmarks such as Bryant Park, Rockefeller Center and Times Square, and various dining options such as Oceana and Del Frisco’s Steakhouse. Located on the southeast corner of Fifth Avenue and 47th Street, the property is very transit accessible as it is situated steps away from Grand Central Terminal and close to the 4, 5, 6, 7, B, D, F, and M subway lines.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.