Property owner and operator Shorenstein is vacating its long-standing premises at 850 Third Avenue in favour of a full-floor lease at 45 East 53rd Street. The company, also known as Shorenstein Properties, has signed a deal for 5,560 square feet to move its regional headquarters to the 20-storey tower, known as Park 53.
The seven-year lease with owners ZG Capital Partners and Rialto Capital Management secures Shorenstein a move-in ready space on the entire 16th floor. Rental rates in the Midtown building, located between Park and Madison Avenue, range from USD 125 to USD 155 per square foot.
Strategic Repositioning
The 140,000 square foot office property once served as the US headquarters of Santander Bank. ZG Capital and Rialto Capital acquired the tower in 2022 for USD 105 million and subsequently carried out a Class A repositioning.
Bobby Zar, Head of ZG Capital, stated in a press release: "Welcoming a firm like Shorenstein validates this strategy and strengthens Park 53's position as a premier Midtown address." JLL brokers Mitch Konsker, Benjamin Bass, Alex Chudnoff, Greg Wang, and Thomas Swartz represented the landlords, while Sacha Zarba, Kyle Zarba, and Claire Pisano of CBRE negotiated on behalf of Shorenstein.
History and Other Tenants
Shorenstein owned the 21-storey Third Avenue Tower from 2008 until 2016, when it was acquired by a joint venture for USD 463 million. Current owners HPS Investment Partners and Waterman Interests are currently undertaking a repositioning of the 617,000 square foot office building.
- —Other tenants at Park 53 include mortgage lenders Acres Capital and CrossCountry Mortgage.
- —The asset management firm Bramshill Investments is also based there.
It remains unclear why or when Shorenstein plans the approximately three-block eastward move from 850 Third Avenue, but the eventual departure might be a little poignant. A spokesperson for Shorenstein declined to comment. A spokesperson for CBRE did not respond to a request for comment.
