Russell Investments signed an 8,568 square foot lease for five years to Beacon Capital Partners and MetLife‘Sat 575 Fifth Avenue, Cushman and Wakefield announcement.
C&W handled negotiations for the tenant and landlord with Nick Masi and David Mainthow representing Russell Investments and Josh Kouriloff, Matthias Li, Andrew Braver and Eric Hazen representing Beacon and MetLife.
The Seattle-based company is moving its New York office from 1095 Avenue of the Americas, the rent charged was not disclosed.
Chris Gulden of Beacon said in a statement that Russell Investments would join other well-known tenants such as private equity firm Charlesbank Capital Partners who have access to a “best in class” working environment.
“We’ve seen a trend of tenants seeking quality office space in amenity-rich buildings and 575 Fifth Avenue is a perfect fit for Russell Investments,” Mainthow said.
The Fifth Avenue address is a 40-story, 513,740-square-foot office tower that was refinanced in 2019 with $309 million from TPG Real Estate Financing Trust on the money that Beacon Capital borrowed in 2015 to buy a 50% stake in 575 Fifth Avenue that year, Reported Trade Observer.
Beacon Capital Partners and MetLife also recently completed a $30 million capital improvement program that included a new lobby, improved building systems and bicycle storage. Tenants also have access to an amenity center with a conference room, cafe, lounge, hair salon and kitchen.
On the transport side, the building is located near Grand Central Terminal, Rockefeller center and Bryant Park.
Marc Hallum can be contacted at [email protected].