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Raine Signs Long-Term Lease for 33,000 SF at Park Avenue Tower

Global Merchant Bank Will Move Into its New Headquarters During the Summer of 2018
December 20, 2017
The Raine Group is the latest company to select Park Avenue Tower for a HQ move.

An international merchant bank, Raine provides investment and advisory services targeting the technology, media and telecommunications sectors. It has signed a 15-year lease to occupy 33,253 square feet across the 23rd and 24th floors of the building, located at 65 E. 55th St. in New York City.

Raine will move in summer 2018, according to Equity Office, which owns the Park Avenue Tower. For now, the financial firm’s HQ remains at 810 Seventh Ave., where it occupies 17,344 square feet on the 39th floor.

Brain Goldman and Matthew Lorberbaum with Newmark Knight Frank (NKF) acted on behalf of Raine in the lease transaction. Zach Freeman and Scott Silverstein with Equity Office represented the landlord in-house, alongside an NKF team comprised of Jared Horowitz, Lance Korman, Brent Ozarowski, Ben Shapiro and Brian Waterman.

"New York City’s top companies are increasingly drawn to Park Avenue Tower for its fully modernized environment, redesigned lobby, and exclusive amenity center that provides the ideal blend of corporate and lifestyle services," Freeman said.

Last week, commercial real estate developer Monday Properties announced it would relocate its headquarters in the second quarter to Park Avenue Tower, which has recently undergone a capital improvement program.

Park Avenue Tower totals 619 631 square feet across 38 floors. The 4-Star office asset was built in 1986. Cyrus Capital Partners, Eminence Capital Partners and the National Bank of Canada are among the building’s other tenants.

Diana Bell, New York City Market Reporter  CoStar Group   
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