In a rare reversal of the recent office-migration pattern, a prominent wealth-management firm is moving from Flatiron to Midtown — in particular, to tenant-hemorrhaging Sixth Avenue.
KLS Professional Advisors Group has signed a 16-year, 30,852 square-foot lease at Paramount Group’s 1325 Sixth Ave., near the Ziegfeld Theater.
KLS will move this fall following a one year-early lease termination on 19,500 square feet at 111 Fifth Ave., between 18th and 19th streets.
Terms were not released.
The tenant was represented by Savills Studley’s Joseph Genovesi and John Harte, who negotiated both a “mutually beneficial” early exit from 111 Fifth Ave. and the new lease uptown.
Genovesi said the deal “allowed us to secure a long-term home for KLS and create a high-end Midtown office environment for them,” noting that the move was the “next step” in KLS’s growth strategy.
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New York City Office Sector Report (Q2 2014)