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Evercore Accelerates New York City's Surge in Reconfiguring Office Space

Will Relocate Employees from its Office at 666 Fifth Avenue to Park Avenue Plaza as Space Becomes Available
July 9, 2018
Investment manager Evercore is the latest financial services firm to reconfigure its corporate headquarters space in New York City after completing a lease for 350,000 square feet at its Park Avenue Plaza location through 2034.

The 1.2-million-square-foot, 44-story tower at 55 East 52nd St. in the city's Plaza District is owned by Fisher Brothers. Prior to its expansion agreement, Evercore occupied 127,845 square feet on the 23rd floor and the 35th-38th floors of the building, according to CoStar data.

This year has been marked by several consolidations, expansions and relocations that CoStar market analyst Lauren Baker has likened to "musical chairs". Since late 2017, the Midtown West area has sparked headlines for a large number of new development and corporate commitments at the Hudson Yards and Manhattan West. And in the past few months, big names such as Deutsche Bank, Discovery and JP Morgan Chase have all said they are changing headquarters space.

Evercore will "expand and consolidate New York operations in the tower as floors become available through 2023," according to a statement issued by Fisher Brothers.

In New York City, Evercore maintains office space at both Park Avenue Plaza and at 666 Fifth Avenue, the office building tied to the Kushner family that's been the subject of news reports related to its financing. Earlier this month, Vornado Realty Trust said it reached an agreement to sell its stake back to the Kushner Co.

Evercore confirmed to CoStar News that it plans to relocate employees from 666 Fifth Avenue as floors become available at Park Avenue Plaza. CoStar research shows it only occupies 47,106 square feet at 666 Fifth Ave.

Evercore first moved to Park Avenue Plaza in 2006, said Ken Fisher, partner at Fisher Brothers. The landlord invested $40 million into renovations at the property in 2016. It declined to comment beyond its statement.


FOR THE RECORD: A CBRE team of Howard Fiddle, Roger Griswold, Benjamin Joseph and Peter Turchin worked alongside Marc S. Packman and Charles P. Laginestra in-house at Fisher Brothers in representing the landlord in the lease agreement. Colliers International Vice Chairman Alan J. Desino acted on behalf of Evercore. Legal representation for the landlord was handled by Haynes and Boone, LLP. Fried, Frank, Harris, Shriver and Jaconson LLP served as legal representatives for Evercore.

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