Brevet Capital Management, a specialty finance institutional investment manager, is relocating its Midtown Manhattan headquarters. The firm will be vacating its current office space at 230 Park Avenue, also known as the Helmsley Building, and move to 441 Ninth Avenue on Manhattan’s West Side by the end of the year.
Brevet will be taking over 16,178 square feet of space at Cove Property Group’s Hudson Commons project. Its full-floor suite will be located on the building’s 20th floor, and will feature amenities like 14′ slab heights, exposed castellated structural beams, nearly column-free workspaces, an outdoor terrace, and views of Midtown and of Lower Manhattan. Brevet will also benefit from the building’s side core orientation, which makes for more efficient floor plates, as well as floor-to-ceiling windows in the elevator lobby and bathrooms.
‘The open floor plan, abundant light and air, and industrial details will allow us to deepen our culture of collaboration and cross-pollinating information to create dynamic financial solutions and partnerships,’ Brevet CEO Doug Monticciolo said in a statement. ‘The spaciousness of the office allows us to be a hub for our community, and host private events and talks with the experts and leading-edge thinkers that comprise Brevet’s cohort,’ he added.
The new tenant at Hudson Commons will also benefit from the building’s amenity package, which includes a dedicated concierge, conference rooms, executive parking, premium bike storage, and a tenant lounge for touch-down space, conferencing, light fitness and building-wide events.
Cove Property Group partnered with The Baupost Group in December 2016 to purchase the asset at 441 Ninth Avenue from Emblem Health. Following the acquisition, the new owners embarked on an adaptive reuse program to convert the original 8-story warehouse into a modern destination for office-using tenants. Cove embarked on a revamp of the 423,000-square-foot building, while also adding a new 17-story overbuild featuring 277,000 square feet. The project is still under construction, with completion scheduled by the end of the summer, yet it is already 65 percent leased to Brevet, Lyft and Peloton.
‘The genesis for the name “Hudson Commons” stemmed from an early emphasis on creating a building that offers something unique and valuable to each tenant, including 50,000-square-foot floor plates in the base of the building, boutique full-floor tenancy below 20,000 square feet in the tower, outdoor space and state-of-the-art technology,’ said Amit Patel, Partner at Cove Property Group.
According to the Commercial Observer, Stephen Siegel, Evan Haskell, Paul Haskin, James Ackerson and Ben Joseph of CBRE represented the landlord in the lease negotiations. Ben Friedland, Silvio Petriello and Sam Spillane, also with CBRE, represented Brevet Capital Management.
Brevet’s move means there will be Class A office space available for lease at the Helmsley Building at 230 Park Avenue. The LEED Gold-certified tower is conveniently located in the coveted Plaza District close to Grand Central Station, and offers amenities like on-site management and security by RXR Realty, an on-site lounge, a rooftop terrace and operable windows.
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