Global Asset Manager Will Relocate Headquarters to Three Full Floors at Newly Renovated Plaza District Tower
EQ Office today announced the signing of a new 57,333-square-foot lease with PineBridge Investments (PineBridge) to occupy the entire fifth, sixth and seventh floors at Park Avenue Tower, its 36-story luxury office tower in Manhattan’s Plaza District. Under the 15-year lease, PineBridge will relocate its global headquarters from 399 Park Avenue in Q4 2019, following the firm’s buildout of its new workplace.
PineBridge is a private, global asset manager focused on active, high-conviction investing, with US$89.6 billion in assets under management as of December 31, 2018. Independent since 2010, the firm serves clients including pension plans, insurance companies, official institutions, private banks, advisors and intermediaries from 21 global locations.
“With its blend of efficient workspaces, thoughtful design and comprehensive amenity offerings, Park Avenue Tower has evolved into a magnet for leading financial services firms,” said Scott Silverstein of EQ Office. “We are pleased that PineBridge is able to establish its headquarters in this cutting-edge environment and welcome the firm to our growing tenant roster.”
PineBridge was represented by Mitchell Steir, David Goldstein, Matthew Barlow and Nicholas Farmakis of Savills Studley. EQ Office was represented in-house by Scott Silverstein, as well as by a Newmark Knight Frank team of Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski and Lance Korman.
PineBridge will relocate its headquarters from the fourth and sixth floors of 399 Park Avenue. To enable PineBridge to relocate without having to sublease its current space, the Savills Studley team needed to engineer and negotiate a unique solution.
“Following a series of complex negotiations, we secured a solution that was beneficial for PineBridge, enabling the company to relocate to phenomenal new space at Park Avenue Tower that will better serve its current business needs,” said Goldstein. “The transaction enabled Moelis & Co to expand contiguously within 399 Park by taking over Pinebridge’s space via a multi-party, phased, lease surrender.”
With this latest signing, EQ Office has secured 322,000 square feet of new leases since completing a successful repositioning of Park Avenue Tower, which included an ambitious $40 million capital improvement program to transform the building into a fully modernized office destination. In the process, EQ Office has welcomed a range of blue-chip financial firms, prominent asset managers, and other dynamic businesses.
The centerpiece of the new Park Avenue Tower is The Club, a 20,000-square-foot tenant amenity space below the lobby of the building. For The Club, EQ Office partnered with such leading-edge providers as FitLore and Convene to craft the city’s most comprehensive and integrated lifestyle and wellness amenity program. The space features a fitness facility, business lounge and conference center, all enhanced by community programming that makes it an extension of the workplace.
In addition, EQ Office reimagined Park Avenue Tower’s outdoor plaza, transformed the lobby with a contemporary design and upgraded the building’s mechanical systems as part of the modernization program.
Park Avenue Tower is located between 55th and 56th Streets at the epicenter of the Plaza District. Built in 1986, the 620,000-square-foot building boasts breathtaking views of the New York City skyline and Central Park and features high ceilings, large windows, and efficient floor plates. It is surrounded by world-class retail, superior hotels, and luxury residential buildings. Other notable tenants include the Raine Group, BTIG, CLEAR, Monday Properties, ICM Partners, Oak Hill Capital Management, TowerBrook Capital Partners L.P., Stephens Inc., Avista Holdings, LLC, Cyrus Capital Partners, East Rock Capital Management, and National Bank of Canada.
About EQ
We are EQ Office. While other real estate owners talk about square footage and floor plans, we focus on the experience; how space feels, activates and performs. At EQ, we partner with business leaders to find, design and manage balanced workspaces with the intention of helping to inspire talent. We’re proud to work hand-in-hand with customers of all sizes from Fortune 100 companies to emerging startups to bring humanity back to the work place. Our diverse team of over 200 professionals is responsible for creating inspired office environments in cities across the country including Chicago, New York, Los Angeles, San Francisco, Seattle and Boston. What began as Equity Office Properties 42 years ago, now reflects a new intelligence needed to address shifting workplace needs, as EQ Office. As a U.S. office portfolio company wholly owned by Blackstone's real estate funds, we have the resources to lead the changes happening in work space. Explore your space for greatness at www.eqoffice.com.
