F.L.Putnam — a Portland, Maine-based financial planner — is relocating and expanding its office space in Midtown East.
Having signed an 11-year lease for a workspace on the sixth floor of 445 Park Ave., the investment adviser is scheduled to move into its new, 6,000-square-foot premises by early December. According to the brokers, the asking rent for office space within the Circle Realty Group-owned building is in the $90-square-foot range.
Following the deal, Putnam will be looking to move out of its current location at 805 Third Ave. The company has additional locations in Massachusetts, New Hampshire and Rhode Island.
Jay Futersak, president of landlord Circle Realty Group, represented the landlord in-house, while a Compass team comprised of Adelaide Polsinelli and Lauren Curcio negotiated on behalf of F.L.Putnam.
Futersak said that the new tenant would be “a good complement to all the high-net-worth family offices we have in the building.”
“We signed four leases in the last four weeks, and we’re seeing tremendous absorption on Park Avenue,” he continued. “I think Park Avenue is extremely in demand. We’re busier than ever, 95% leased. We’re very full.”
Other tenants at 445 Park include the likes of residential real estate firm Brown Harris Stevens, financial planner Alfest Wealth Management, and collectibles specialist Heritage Auctions.
“445 Park Avenue’s lease is a testament that there is life in office buildings in prime Midtown locations,” Polsinelli said. “Businesses are adopting a back-to-the-office stance and have used the past few months to reorganize and rethink their needs.”
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