NKF Adds New Tenant to Park Avenue Tower

Equity Office's 360,000-square-foot Manhattan office tower has added The Raine Group to its tenant roster, which also includes the National Bank of Canada and Oak Hill Capital Management.

Park Avenue Tower, New York City
Park Avenue Tower, New York City

Equity Office has signed a 15-year, 33,253-square-foot lease with The Raine Group at Park Avenue Tower in Manhattan. The tenant, a merchant bank focused on technology, media and telecommunication, will spread across the entire 23rd and 24th floors, relocating its corporate headquarters from 810 Seventh Ave. The move is expected to take place in the summer of 2018.

The 360,000-square-foot, 36-floor office tower is located in the borough’s Plaza District at 65 E. 55th St. The asset features a state-of-the-art fitness center with locker rooms, a lounge area, recreation center, conference rooms and a curated grab-and-go food concept. Additionally, the property was recently renovated and includes a reimagined plaza and new lobby, as well as The Club, a 20,000-square-foot shared tenant space. Notable tenants include the National Bank of Canada, Oak Hill Capital Management, King Street Capital Management and TowerBrook Capital. 

Strong leasing activity

Newmark Knight Frank Vice Chairman Brian Goldman and Associate Director Matthew Lorberbaum represented the tenant in the lease transaction, while Vice Chairmen Brian Waterman, Lance Korman and Jared Horowitz, as well as Executive Managing Director Brent Ozarowski and Senior Managing Director Ben Shapiro procured the lease on behalf of the tenant, alongside Equity’s Vice President of Leasing Zach Freeman and Leasing Manager Scott Silverstein. The team also recently brokered Cyrus Capital’s office lease at the tower in May.

We maximized Equity Offices’ design/build-out offering at Park Avenue Tower to create a dynamic and collaborative space in direct alignment with Raine’s objectives,” Goldman said in a prepared statement.

Image courtesy of Yardi Matrix