Cyrus Capital Inks 23 KSF at Park Avenue Tower

The company will move to the recently remodeled 65 E. 55th St., with Equity Office going an extra mile with further built-to-suit plans.
Park Avenue Tower, New York City
Park Avenue Tower, New York City

Blackstone Group-affiliated Equity Office recently announced that investment adviser Cyrus Capital Partners LP will occupy 23,356 square feet at their Manhattan Park Avenue Tower. The leased space translates into 15,048 square feet spread across the entire 34th floor and 8,308 square feet on the 35th floor. CBRE Executive Vice President Ben Friedland and Vice Chairman Silvio Petriello acted on behalf of the tenant, while Equity Office was represented internally by Zachary Freeman, vice president of leasing, and Scott Silverstein, leasing manager, together with Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski and Lance Korman with Newmark Grubb Knight Frank.

Cyrus Capital is expected to move its headquarters from 399 Park Ave. by the end of May. The owner plans to accommodate the tenant’s needs by remodeling the leased space and build an internal staircase to facilitate the transition between the two occupied floors. The renovations are expected to be complete by the end of this year. Until then, the company will temporarily occupy Park Avenue Tower’s entire sixth floor.

The Class A, 619,630-square-foot asset comprises 36 stories and includes 11,475 square feet of retail space on the lower floor. Equity Office’s $25 million renovation plan brings to the table a 41-foot ceiling high lobby and The Club, a 20,000-square-foot amenity center that includes a state-of-the-art fitness center, business and recreation lounge, conference center and a grab-and-go food concept.

After an extensive two-year search, the combination of efficient floors, boutique feel, stunning views and exclusive amenities made Park Avenue Tower the perfect spot for Cyrus Capital’s next home. The firm has enjoyed a Park Avenue location for many years, first at Lever House, then 399 Park Avenue and now at the reimagined 65 East 55th Street,” CBRE’s Friedland and Petriello said in prepared remarks.

Located in the heart of Midtown Manhattan’s Plaza District, Park Avenue Tower offers views of the New York City skyline and Central Park. It is also close to various financial institutions, retailers, hotels and luxury residential communities. The construction is also blocks away from the Grand Central Terminal transportation hub. Notable tenants include the National Bank of Canada, Oak Hill Capital Management, hedge fund sponsor King Street Capital Management and TowerBrook Capital.

Image courtesy of Equity Office