Cushman & Wakefield announced that Silvercrest Asset Management Group, an investment management firm, has renewed its 41,600 s/f lease at RXR Realty’s 1330 Avenue of the Americas, a 40-story, class A, tower located in Midtown’s Corporate Row.
Eric Reimer, Executive Managing Director at Cushman & Wakefield, assisted Silvercrest to remain in its space — across floors 37, 38, 39 and 40 — for an additional 11 years.
“Since subleasing two floors in 2002, Silvercrest has grown at 1330 Avenue of the Americas. The firm’s headquarters now span the top four floors of the tower and despite its robust presence, Silvercrest still prides itself on a collegial culture that has resulted in longstanding relationships with its clients,” said Reimer.
“The early lease renewal reflects the strong partnership Silvercrest has with RXR, a landlord committed to providing the best in-class accommodations for its tenants. The firm will remain in its boutique-inspired space and recently increased its visibility in the building.”
Silvercrest currently advises on approximately $19 billion for a clients ranging from families, endowments, foundations and other institutional investors. The company also has offices in six other locations across the United States including Los Angeles; Boston; Charlottesville and Richmond, Virginia; and Princeton and Bedminster, New Jersey.
Terms of the lease were undisclosed, Reimer represented Silvercrest; the landlord, RXR, was represented in-house by William Elder, Executive Vice President and Managing Director and Lauren Ferrentino, Assistant Vice President.
“RXR was very excited to continue its relationship with Silvercrest for the next decade and beyond. The brand and culture of their business is completely aligned with our values and the profile of the asset, and we are proud to say that their headquarters is located in the signature space of 1330 Avenue of the Americas,” said Elder.
Built in 1965 and designed by Emory Roth & Sons Architects, 1330 Avenue of the Americas is located between 53rd and 54th Streets.
In 2007 the landlord, RXR, commissioned architecture firms MdeAS to spearhead a $30 million capital improvements campaign aimed at transforming 1330 Avenue of the Americas into on the premier buildings on Corporate Row.
Today, the tower features an updated lobby featuring marble, granite and satin bronze finishes and a newly designed plaza. The property has 24/7 access and an attended parking garage that can accommodate 225 cars.
Source: Real Estate Weekly