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Newmark is pleased to announce that it has successfully negotiated a 15-year, 33,253-square-foot lease for The Raine Group (Raine) at Park Avenue Tower, located at the heart of Manhattan’s Plaza District at 65 E. 55th Street. The Newmark team of Vice Chairman Brian Goldman and Associate Director Matthew Lorberbaum represented the tenant, while Vice President of Leasing Zach Freeman and Leasing Manager Scott Silverstein of Equity Office along with Newmark Vice Chairman Brian Waterman, Vice Chairman Lance Korman, Vice Chairman Jared Horowitz, Executive Managing Director Brent Ozarowski, and Senior Managing Director Ben Shapiro represented the owner, Equity Office.
Raine, an integrated merchant bank advising and investing in high-growth sectors of technology, media and telecom, will be occupying the entire 23rd and 24th floors of the 36-story office tower. The firm will be relocating its corporate headquarters from 810 Seventh Avenue and is scheduled to take occupancy of the new space in the summer of 2018. Raine currently also has office locations in San Francisco, Los Angeles, London, Shanghai, and Mumbai.
“We are proud to have achieved optimal results for our client,” said Goldman, who also represented ICM Partners in their two-floor relocation to Park Avenue Tower last year. “We maximized Equity Offices design/build-out offering at Park Avenue Tower to create a dynamic and collaborative space in direct alignment with Raine’s objectives.”
Park Avenue tower is a 36-story, 620,000-square-foot office tower which sits on Park Avenue between 55th and 56th Streets. It recently underwent an extensive capital improvement program, which includes a reimagined plaza, a stylish new lobby, and The Club, a 20,000-square-foot gathering space for tenants. Other amenities in the building include a high-end fitness center with locker room facilities, a lounge area, a recreation center, conference rooms, and a curated grab-and-go food concept.
About Newmark
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing, corporate advisory services, consulting, project and development management, property and corporate facilities management services, valuation and advisory services, and capital markets services provided through its Newmark Capital Markets brand. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.