The Park 53 office building at 45 East 53rd Street in Midtown Manhattan has recorded three new deals. In the 19-storey boutique property, three financial firms have secured space across different floors, encompassing a combined 19,145 square feet. The property is owned by ZG Capital Partners and Rialto Capital Management.
The largest transaction was completed by asset management firm Forest Avenue Capital. The company leased 7,145 square feet on the seventh floor and is relocating its headquarters here from 9 West 57th Street. For this letting, Sinclair Li and Pat Moroney of CBRE acted for the tenant, whilst a team from JLL represented the landlord.
Expansion and relocations of prominent financial firms
Also new to the building is private equity firm Ancient Financial. The company expanded its office footprint, taking 6,000 square feet on the 14th floor following a move from 520 Fifth Avenue. Brent Ozarowski and Kevin Sullivan of Newmark advised the tenant. The third agreement was concluded by real estate investment trust Curbline Properties, which occupies 6,000 square feet on the 13th floor and was previously based at 320 Park Avenue. Here, the tenant was represented by Conor Kenny of CBRE.
- —Forest Avenue Capital: 7,145 square feet on the 7th floor (relocation from 9 West 57th Street)
- —Ancient Financial: 6,000 square feet on the 14th floor (expansion from 520 Fifth Avenue)
- —Curbline Properties: 6,000 square feet on the 13th floor (relocation from 320 Park Avenue)
On the landlord side, Mitchell Konsker, Benjamin Bass, Alexander Chudnoff, Greg Wang and Thomas Swartz of JLL negotiated the transactions for ZG Capital Partners and Rialto Capital Management. Konsker explained that the Park Avenue corridor continues to attract firms that place the highest value on prime locations and high-calibre working environments. The demand at Park 53 demonstrates that occupiers from established Midtown locations are actively targeting boutique properties without compromising on the surrounding Plaza District environment.
Rental levels and existing occupiers in the Plaza District
Specific rent levels and lease terms for the individual transactions were not disclosed. However, JLL stated that asking rents in the building typically range between $140 and $165 per square foot. Bobby Zar, Principal at ZG Capital, emphasised that the new arrivals validate the property's profile. He noted that the objective from the outset had been to create an address for discerning firms seeking a more bespoke office environment.
Other existing tenants at 45 East 53rd Street include real estate developer Shorenstein and alternative asset manager Bramshill Investments. The building benefits from its location in the heart of Manhattan and, with these latest deals, reinforces its positioning within the high-end submarket.
