By Hadassa Kalatizadeh
While scores of Wall Street firms are ditching New York City in favor of the Sunshine State, there are still companies loyal to the Big Apple.
Jennison Associates, an asset management firm managing over $224 billion total in assets, is committing to a new 15-year lease in Midtown Manhattan. As reported by Crain’s NY, the firm inked a deal to take on 120,809 square feet across four floors at Park Avenue Plaza, the massive tower located at 55 E. 52nd Street. The contract, which begins in 2023, will be a downgrade for the company. The company currently occupies 150,000 square feet at RXR Realty’s 237 Park Ave. A company spokesperson said the move will help the firm to be more efficient.
The 45-story office building between Park and Madison Avenue is owned by Fisher Brothers, and was designed by Skidmore, Owings & Merrill. The 1.2 million square foot modern tower, completed in 1981, has housed numerous prominent financial firms. Jennison will replace BlackRock as tenant at the building. BlackRock, which is the world’s largest asset manager, plans to move its headquarters in 2022 from midtown Manhattan to 50 Hudson Yards. Jennison will begin to build its office in 2023, and is slated to move in by late 2024 or early 2025. The Park Avenue Plaza building is currently 97 percent leased, and this lease deal is its first for 2021. “Securing deals like Jennison’s and others throughout the past year is a testament to our unwavering dedication to our tenants and to the revitalization of New York City,” said Ken Fisher, a partner at Fisher Brothers.
Jennison said that among the building’s appeal are the safety features added on. Amid the COVID-19 pandemic, the building’s landlord completed a project to improve indoor air quality at five of its Manhattan assets, including this building. The building is also equipped with 24/7 manned building security; CCTV coverage of the lobby, elevators, as well as key areas; and keycard security gate access for elevators. The building also has both LEED Platinum certification and ongoing ENERGY STAR certification.
Marc Packman , head of leasing at Fisher Brothers, and directors of leasing, Clark Briffel and Charles P. Laginestra worked together with CBRE’s Howard Fiddle, Peter Turchin, Christie Harle, Roger Griswold and Benjamin Joseph to broker negotiations for the owner. Jennison Assoc. was represented by CBRE’s Edward M. Lederman in the lease agreement.
