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Financial Services Firm StepStone Group Takes 30K SF at 450 Lex

Financial Services Firm StepStone Group Takes 30K SF at 450 Lex

StepStone Group, a financial services firm, has signed on for 30,000 square feet at RXR Realty’s 450 Lexington Avenue between East 44th and East 45th Streets, Commercial Observer has learned.

The tenant will occupy the entire 37th floor in the 39-story, 910,273-square-foot building via a 10-year lease, a spokeswoman for RXR indicated. The asking rents in the top of the tower, where RXR has rolled out prebuilts, range from $115 to $130 per square foot. StepStone will replace JLL Partners when the new tenant moves from the Lipstick Building at 885 Third Avenue on Aug. 1.

RXR picked up the property via a ground lease in September 2012 for $720 million, property records indicate. The seller was Istithmar World, the Dubai-based investment firm, as CO reported at the time. Tenants include David Polk Wardwell.

RXR’s Lauren Ferrentino represented the landlord in-house along with CBRE‘s Michael Affronti, Silvio Petrillo and Ryan Alexander. Affronti said in a prepared statement provided by RXR: “45o Lexington Avenue is an exceptional asset, and the success we continue to achieve certainly comes as no surprise. The building’s close proximity to Grand Central, panoramic views, high-end installations and strength of ownership are just a few of the components that continue to attract prominent firms to 450 Lexington Avenue.”

Savills Studley’s David Carlos represented the tenant in the deal. A spokeswoman said he was out of the country.

Source: commercial


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