- REAL ESTATE EDUCATION
- GIVING BACK
Lois Weiss: A Long-Term Headquarters Vision for Evercore
May 8, 2019
By Lois Weiss
The rapidly growing financial firm Evercore was located at Park Ave. Plaza which has the address of 55 E. 52nd St.
Evercore occupied around 130,000 square feet at the 1.1 million square-foot tower and had already expanded into 666 Fifth Ave. But the latter was slowly being emptied for a redevelopment.
Meanwhile, Park Ave. Plaza, which is owned by Fisher Bros., was facing the loss of large tenants to new construction.
Already, its tenant BlackRock was leaving 240,000 square feet on eight floors to move to Hudson Yards while McKinsey & Company inked a lease at 3 World Trade Center, leaving ten floors and about 300,000 square feet behind. Swiss Re moved out of another 90,000 square feet for the nearby 1301 Ave. of the Americas.
Things didn’t look good for Fisher Bros.
That’s when Evercore’s broker, Alan Desino of Colliers International, was able to leverage the departures by the other tenants to create a great future for Evercore.
The company was able to add 153,927 square feet to occupy a total of 339,153 square feet on the 20th, 21st, 23rd, 35th through 38th and 42nd through 44th floors. In 2023, the financial giant will also move onto the 34th floor and it has additional expansion rights.
(L-R) Andrew Albstein, Goldberg Weprin Finkel Goldstein LLP, Alan Desino, Colliers International, third prize winner; David Robinov of Ackman-Ziff Real Estate Group and Woody Heller of Savills, co-chairs of REBNY’s Sales Brokers Committee | Photo by Ed Lederman