StepStone Group Relocates Manhattan Offices

The private equity firm will occupy 30,000 square feet of space on Lexington Avenue to accommodate its business expansion. It has subleased its former location to a law firm.

450 Lexington Ave., New York City
450 Lexington Ave., New York City

StepStone Group has relocated its Midtown Manhattan offices further east, signing a new lease with RXR Realty. The equity firm will occupy 30,000 square feet of office space on Lexington Avenue, as it has outgrown its 19,000-square-foot space within The Lipstick Building, located at 885 Third Ave. StepStone has subleased its prior location to law firm Fox Horan & Camerini LLP.

The 910,273-square-foot 450 Lexington Ave. spreads across 40 stories and includes an additional 5,000 square feet of retail space. Built in 1989, the asset features recently renovated interiors, upgraded building systems, expansive floor plates, on-site property management and ground-floor and garden lobbies. Notable tenants include Davis Polk and Wardwell, Warburg Pincus, Morgan Stanley and Federated Investors.

The Class A property is situated in the Plaza District, which is famed for containing a large number of trophy towers, as well as Fortune 500, law and financial firms. The asset is steps away from Grand Central Terminal, retailers, eateries and accommodation options.

Savills Studley’s David Carlos, Kurt Handschumacher and David Dwight represented StepStone in both lease transactions. 

Image courtesy of Yardi Matrix