Asset Manager to Occupy Full Floor in Prestigious Plaza District Tower
Fisher Brothers announced today that it has signed a new 28,316 square-foot lease with Varagon Capital Partners, L.P. at 299 Park Avenue, one of the firm’s signature Midtown Manhattan office towers.
Varagon, an asset manager that focuses on direct lending to middle market companies, will occupy the entire third floor of the tower in a relocation from its current offices at 488 Madison Avenue. Varagon is expected to occupy its new space by the end of 2017.
Fisher Brothers is set to initiate a major capital improvement program at the iconic Plaza District tower in early 2018. The project, which is being designed by David Rockwell and the Rockwell Group, will include a reimagined lobby with a high-end design and more open feel; a transformation of the entrance that will allow natural light to fill the lobby; and an illuminated plaza backed by a new exterior lighting system.
The renovation of 299 Park Avenue is the final piece of Fisher Brothers’ ambitious $165 million asset renewal program to reimagine and modernize its entire 5.5 million-square-foot Manhattan office portfolio.
“Our capital improvement program at 299 Park Avenue is going much deeper than a standard refresh and completely transforming the aesthetic of the building with a sleek design and modern feel,” said Fisher Brothers Partner Winston Fisher.
Added Fisher Brothers Partner Ken Fisher, “We are pleased to welcome Varagon to the growing roster of blue-chip tenants who view299 Park Avenue as the ideal location to operate and grow.”
Varagon was represented by Leo Paytas and Conor Denihan of CBRE. Fisher Brothers was represented in-house by Marc Packman and Clark Briffel, as well as by David Falk, Peter Shimkin, Andrew Sachs, Eric Cagner, and Andrew Peretz of Newmark Knight Frank.
Designed by Emery Roth & Sons and built by Fisher Brothers, 299 Park Avenue is a 42-story, 1.2 million square foot office tower which opened in 1967. The building is currently over 90 percent leased by a range of world-class companies, including Capital One and UBS. Occupying the full block front between 48th and 49th Streets, 299 Park’s prestigious neighbors include the Waldorf-Astoria and Grand Central Terminal. Originally built over primary tracks serving the New Haven Railroad, it was considered a marvel of modern engineering at the time of its construction. The long-time corporate headquarters for the Fisher Brothers organization, 299 Park Avenue is widely regarded as one of the top Class A office buildings in New York City.
About Fisher Brothers
For more than a century, Fisher Brothers has epitomized excellence in commercial and residential real estate development, ownership and management. Fisher Brothers built and continues to own and operate a sterling commercial real estate portfolio encompassing seven million square feet of Class A office space located in such iconic towers as Park Avenue Plaza, 299 Park Avenue,1345 Avenue of the Americas and 605 Third Avenue in Manhattan, as well as Station Place, which is Washington, DC’s largest private office complex. Fisher Brothers also has returned to its roots as a residential builder with nearly 1.5 million square feet in recent and ongoing development. In early 2015, Fisher Brothers celebrated the completion of Station House, a luxury rental development in Washington’s historic Capitol Hill District. In Manhattan, Fisher Brothers has recently completed development of House 39, an amenity-rich building at 225 East 39th Street and is developing 111 Murray, an ultra-luxury, high-rise condominium tower in Tribeca.
About Varagon Capital Partners
Varagon is a direct lender that offers a broad suite of financing solutions to middle market companies and financial sponsors. Varagon lends across the capital structure with commitments from institutional investors seeking exposure to quality, middle market loans originated through long-term relationships with financial sponsors. As of September 30, 2017, Varagon had nearly $4 billion of capital available for investment and over $3 billion of assets under management.
