Kohlberg, the Mount Kisco–based private equity firm, has officially shifted its New York presence to 500 Park Avenue, grabbing the entire ninth floor and tipping the Plaza District tower into full occupancy. The move drops another investment player into Park Avenue’s tight Midtown East office scene and delivers a rare full-floor deal in a boutique, 11-story building.
As reported by New York Business Journal, Kohlberg is taking over the building’s entire ninth floor. The story was written by Emily Feil.
500 Park Now Fully Leased
The property’s manager shows no remaining vacancies on its official listing, confirming that 500 Park Avenue is fully leased. According to SL Green, the Plaza District property’s available-units section currently reads, “No spaces are currently available at this property.”
Full-Floor Size And Fit-Out
A LoopNet listing for 500 Park’s ninth floor shows the space at about 18,820 square feet and markets it as a high-end, partially prebuilt full floor with private offices, conference rooms and open workspace. That kind of turnkey setup is often catnip for investment firms that want contiguous, move-in-ready space in Midtown without a lengthy build-out saga.
Park Avenue Demand
The relocation lines up with a wider pickup in Park Avenue leasing by financial tenants, as Commercial Observer reported earlier this year when the Carlyle Group signed roughly 150,000 square feet at 245 Park Avenue. Deals like that have helped keep Plaza District and Midtown East towers on the shortlist for private equity firms, asset managers and advisory shops looking to plant or upgrade their flags.
Kohlberg’s own website still lists a New York office at 545 Madison Avenue, 12th floor, which suggests the firm may be phasing the move or keeping multiple city addresses in play. See Kohlberg for the firm’s listed locations.
