Jones Lang LaSalle


Sixth Ave. expansion is on the money
Investment firm doubles its space; Pilates guru finds East Side home

Published on March 13, 2006

An investment firm that manages assets totaling $6.3 billion has expanded its office space at 1330 Sixth Ave.

Silvercrest Asset Management Group, which grew its portfolio by nearly $1 billion last year, has negotiated a 10-year lease for 41,000 square feet, expanding into the top four floors of the 40-story building. The asking rent is $74 a square foot. The firm had been subleasing 20,000 square feet on the 37th and 38th floors.

The building, between West 53rd and West 54th streets, is known for its main tenant, the Financial Times, and serves as the U.S. headquarters of the newspaper's parent company, London-based Pearson. Other tenants include the Consulate General of Belgium and the law firm Covington & Burling.

"This is the smallest office building on Sixth Avenue, with less than 600,000 square feet, and offers amazing views of Central Park," says Eric Reimer, senior vice president at Trammell Crow Co., which represented the tenant. Cushman & Wakefield Inc. represented the landlord.
--Julie Satow