Quest Partners to Relocate Manhattan Offices
Jack Resnick & Sons has secured a leasing agreement for 13,284 square feet at 110 E. 59th St., in Manhattan. Asset management firm Quest Partners made an 11-year commitment at the 37-story office tower.
CBRE brokered the deal on behalf of the tenant, while the landlord had in-house representation.
Quest Partners will relocate from its current offices at 126 E. 56th St. The firm will occupy the entire 36th floor at the Jack Resnick & Sons-owned building beginning with the spring of 2025.
READ ALSO: Manhattan Office Market Sluggish to Start the Year
Completed in 1969 by Jack Resnick & Sons, the 612,181-square-foot building underwent cosmetic renovations in 2014. Four years later, the property became subject to a 10-year, $205 million loan from Metropolitan Life Insurance Co., according to CommercialEdge information.
The LEED Gold-certified tower includes some 13,600 square feet of ground-floor retail space. The property features floorplates ranging between 13,284 and 23,472 square feet, 13 passenger elevators and 150 car parking spaces.
Cantor Fitzgerald, Royalty Pharma, Northwell Health and ZMC are part of the building’s tenant roster. Located in Midtown Manhattan in the Plaza District, 110 E. 59th St. is close to Central Park and within walking distance of the 59 St. subway station.
CBRE Executive Vice President Munish Viralam and Senior Vice President Hugh McDonald assisted Quest Partners in the transaction. Jack Resnick & Sons was represented in-house by its Executive Managing Director Brett Greenberg and Managing Director Fran Delgorio.
Manhattan listing rates drop
As of April, listing rates in Manhattan clocked in at $69.72, remaining the priciest in the U.S., but registering a 5.8 percent year-over-year drop, according to a recent CommercialEdge report. The vacancy rate in the borough climbed 80 basis points over a 12-month period to 17.6 percent, still remaining below the national figure of 18.3 percent.
Recent leasing activity includes Ziff Davis committing to 23,038 square feet in Midtown Manhattan. The digital media and internet company will occupy the 17th floor at 360 Park Ave. St., a 440,000-square-foot office building owned by BXP.
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