Private Equity Firm Relocates to Iconic Manhattan Tower – Commercial Property Executive

by John Carlucci - January 12, 2023

101 Park Ave.

101 Park Ave. Image courtesy of Incline Equity Partners

Private equity firm Incline Equity Partners has signed a 18,000-square-foot lease at HJ Kalikow & Co.’s 101 Park Ave. office tower in Midtown Manhattan. JLL brokered the lease signing on behalf of the tenant, while Cushman & Wakefield represented the landlord.

Headquartered in Pittsburgh, Incline Equity Partners will double its footprint with the relocation from 505 Fifth Ave. to the 46th floor of the 49-story iconic office building. Originally completed in 1982, the 1.3-million-square-foot , Class A property has been under HJ Kalikow’s ownership since its build-out, serving as the firm’s headquarters as well.

According to CommercialEdge, the LEED Gold-certified high-rise features a 17,000-square-foot, two-story museum. The same data provider reveals that Morgan Lewis, Sandow Media, Gamma Real Estate, Federal Home Loan Bank of New York and Morgan Stanley are among the other tenants at the location.

READ ALSO: Top States for LEED-Certified Office Buildings

Encompassing 30,000 square feet of retail space, the property features an array of tenant amenities, including Club 101, a dining club, business and entertainment venue, as well as a corporate event space. Additionally, the office tower incorporates a bank and a full-service news stand, as well as a five-story lobby entrance, an emergency generator, 24 passenger elevators and a four-bay loading dock and parking garage.

Midtown’s post-pandemic leasing trends

Positioned at the corner of 40th Street and Park Avenue, the office building is in proximity of Grand Central Terminal. An array of dining destinations, entertainment venues and boutique storefronts are also nearby.

A recent CommercialEdge report showcases the ongoing tech downsizings in the Northeast, and as a result, Manhattan’s November vacancy rate reached 14.8 percent, representing a 3.5 percent increase over the previous 12 months.

JLL Vice Chairman Alexander Chudnoff, together with Associates Harrison Potter and Kate Roush represented the tenants in the lease signing. Executive Vice Chairman John Cefaly and Managing Director Nicholas Dysenchuk at Cushman & Wakefield brokered the deal for the owner.

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