Former AIG Unit, PineBridge Investments, Leases 111,728 SQ. FT. at 399 Park Avenue for its NYC Headquarters
Studley Brokers 15-year Transaction; CB Richard Ellis Represents Boston Properties and Sublessor Legg Mason, Inc., in PineBridge's Consolidation from 277 Park Avenue and 70 Pine
New York, NY (April 6, 2010)
In one of the year’s largest Manhattan real estate transactions, PineBridge Investments, the former global investment arm of American International Group, Inc. (AIG) that was sold Monday to Hong Kong based Richard Li’s Pacific Century Group, has leased 111,728 square feet of office space at 399 Park Avenue for its New York headquarters. The company, formerly known as AIG Investments, plans to consolidate its operations from 70 Pine Street and 277 Park Avenue when it relocates to its new home late this summer.
The 15-year lease, comprising the entire 97,309-sq.-ft. 4th floor and a 14,419-sq.-ft. portion of the 6th floor, was announced jointly by Studley CEO and Chairman Mitchell Steir, who brokered the transaction with Executive Vice Presidents Matthew Barlow and David Goldstein, and by CB Richard Ellis New York Tri-State Region Chairman John Powers, with Peter Turchin, executive vice president, and Gregg Rothkin, first vice president, who represented the landlord, Boston Properties.
To secure the space it desired at this world class address, PineBridge sublet 72,647 square feet from Legg Mason, Inc., through September, 2017 (which then becomes a direct lease with Boston Properties), and leased the remaining 39,081 square feet directly from Boston Properties, expiring in 15 years. Ken Rapp, vice chairman, and Christopher Mansfield, first vice president, CBRE NY Tri-State Region, represented Legg Mason.
“Our client wanted the best available midtown location that would satisfy its specific space requirement as well as a highly respected landlord,” said Mr. Steir. “The large floor plates at 399 Park are very efficient, and the existing condition of the space afforded great value.”
“Boston Properties has done a magnificent job positioning 399 Park Avenue as one of Manhattan’s trophy buildings” said Mr. Powers. “The building’s combination of premier quality space, along with market pricing, has resulted in a fully leased tower with strong and growing tenants.”
Home to a host of prestigious investment and financial services companies and major law firms, the 39-story office tower at 399 Park Avenue occupies the entire easterly block between 53rd and 54th Streets.
Founded in 1996, PineBridge Investments is an independent, multiproduct investment adviser with more than $87 billion in assets under management and operations in 32 countries. The firm provides a platform for customized portfolio construction and client based servicing. It manages a diversified product line of alternative investments, including private equity investments, fund of funds, small to mid-market buy-out funds, hedge funds, real estate investment funds and fixed income strategies.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2009 revenue). The Company has approximately 29,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company for three years in a row. Please visit our Web site at www.cbre.com.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com.