Marlin & Associates, the international boutique investment banking and strategic advisory firm, is relocating its New York City headquarters to 570 Lexington Avenue and expanding its office space. Savills Studley’s Managing Director Lance Leighton and Associate Michael Bertini, who specialize in representing boutique financial tenants, arranged the 10-year transaction.
The firm’s new lease of 6,748 square feet comprises the entire penthouse duplex on the 48th and 49th floors of the historic, Art Deco office tower which was originally known as the RCA Victor Building when designed in 1931 by John W. Cross of Cross & Cross. It is situated at the southwest corner of Lexington Avenue and 51st Street. The firm currently occupies 4,000 square feet at 600 Lexington Avenue and expects to move in the summer of 2015.
David Turino of the Feil Organization represented the landlord in-house and asking rents were in the high $80’s per square foot.
“This move to 570 Lexington Avenue is not only symbolic and special for the company but also a strategic decision that will accommodate the firm’s increasing headcount and provide incredible light and air,” Mr. Leighton said. “Marlin & Associates wanted to be in a first-class environment and this location had the size, amenities and all the ‘wow’ factors that they were looking for, including efficient floor plates, double-height ceilings and unparalleled views.”
Upon closing the transaction, Mr. Leighton explained that the deal had a unique, personal element: Ken Marlin, the Managing Partner and Founder of Marlin & Associates, was looking for a space that would be both effective and efficient for his staff and also physically appealing and practical for clients. He fell in love with this space within 570 Lexington the minute he laid eyes on it.
“We are delighted that our new headquarters will not only provide the additional space we require, but that it will also be on the top floors of an historic Art Deco building that reflects the elegance of this financially significant city,” Ken Marlin said.
“We made the decision to cut the floor-slab of the 49th floor and install an architecturally distinctive stair connecting it to the 48th floor in order to create a dramatic space with soaring ceiling height to complement the spectacular penthouse views. Ken Marlin was one of the very first tenants to see it and immediately recognized its ‘wow’ factor. His brokers, Lance Leighton and Michael Bertini of Savills Studley, secured the space quickly, before we had a chance to finish the work and officially bring the space to market. We are thrilled to welcome Marlin & Associates to Tower 570,” said David W. Turino, Director of Commercial Leasing at The Feil Organization.
With seven partners and more than 20 investment banking professionals at offices in New York, San Francisco, Washington, D.C., and Toronto, Marlin & Associates is one of the most active firms advising buyers and sellers of U.S. and international middle-market firms that provide software, data, and related services. Over the past 13 years, the firm has advised on transactions in more than 20 countries and has been the recipient of numerous awards.