Blackstone co-founder’s family wealth firm moving to Park Avenue Peterson Management inks deal for 40K 上海龙凤论坛sh1f
Peter Peterson and 399 Park Avenue
The investment firm that manages the family wealth of former Lehman Brothers CEO and Blackstone Group co-founder Peter Peterson is moving its offices to A Pricy Space On Park Avenue.
Peterson Management, headed by Peter’s son, Michael, signed a lease for 40,000 square feet on the 14th floor at Boston Properties’ 399 Park Avenue, sources told The Real Deal. The space includes part of a glass box the landlord built on the rooftop of the building s setbacks and includes outdoor terraces. The rent starts at $130 per square foot and escalates to $150 per square foot toward the end of the 15-year term, according to a source with knowledge of the deal.
Representatives for Boston Properties and Peterson couldn’t be immediately reached for comment.
Seth Hecht at Cushman Wakefield represented Peterson along with Joseph Conwell of the Philadelphia-based GPX Realty Partners.
Along with the Peterson Foundation, the nonprofit that Peter Peterson launched in 2008 to focus on fiscal policy issues, the management shop will be relocating from Paramount Group’s 712 Fifth Avenue, where it occupies more than 26,000 square feet on a handful of leases expiring nex爱上海
Peterson served as the US Secretary of Commerce under President Richard Nixon from 1972 to 1973. After leaving he went to be CEO of Lehman Brothers, where served until 1985 when he co-founded the Blackstone Group with Stephen Schwarzman.
He made most of his fortune when Blackstone went public in 2007 and he sold a large portion of his stake for $1.85 billion, according to Forbes, which placed his net worth at $2.1 billion. That makes him the 973rd richest person in the world.
Boston Properties in爱上海同城论坛
It’s one of several large vacancies calling into question Park Avenue’s reputation as the “Boulevard of Business” and its popularity with large financial tenants, which are heading to places like Lower Manhattan and the Far West Side.
Major League Baseball is leaving behind some 220,000 square feet at HNA Gr上海千花网龙凤论坛
NorthStar Realty Finance is relocating from 399 Park to 590 Madison Avenue, where it will consolidate offices with Tom Barrack’s Colony Capital after the two merged. And Boston Properties will get back more t新上海贵族宝贝论坛
Tags: 399 park avenue, blackstone group, Boston Properties, Lehman Brothers, Office Leasing We are having some technical difficulties. Try again later.
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