Garnett Station Partners, a New York-based private equity investment firm and alternative asset manager, is expanding its office footprint in Midtown Manhattan. The company, which has been a tenant in the building since 2023, has signed an 11.5-year lease agreement to expand its space on the entire seventh floor of 450 Park Avenue from SL Green Realty by 10,392 square feet.
Previously, the investment firm occupied 24,963 square feet, spread across the entire 24th and 25th floors and part of the 27th floor of the 33-storey building. With this latest expansion, Garnett Station Partners' total space at 450 Park Avenue now amounts to 35,355 square feet.
Details of the Transaction and Involved Parties
The rent for the newly added space was stated as $140 per square foot. Negotiations for the tenant were conducted by David Falk and Jason Greenstein of Newmark. The landlord was represented by CBRE and internal representatives from SL Green.
Garnett Station Partners was founded in 2013 by private equity veterans Matthew Perelman and Alex Sloane. In 2023, the firm moved from a previous office at 853 Broadway to 450 Park Avenue. The company currently manages approximately $4.5 billion in assets.
Other Tenants at 450 Park Avenue
The building at 450 Park Avenue is home to other renowned tenants. These include private equity firm OceanSound and investment advisory service provider Steadfast Financial. BankUnited, which only this month expanded its presence in the building to 27,392 square feet, is also among the tenants.
SL Green acquired the office building, located on Park Avenue between East 56th and East 57th Street, in 2022 for $445 million.
