Gen II Subleases Meredith's Space at 805 Third Ave.
The private equity fund administrator will relocate its headquarters to 48,000 square feet across two floors in the Midtown East tower.
NEW YORK CITY—Gen II Fund Services signed a long-term, 48,000 square-foot lease at 805 Third Ave. with sub-landlord Meredith Corp. The private equity fund administrator will move its headquarters from 825 3rd Ave., when renovations in the new location are completed later this year. Although the price was not disclosed, the New York Post reported asking rent was $63 per square foot.
After Meredith Corporation acquired Time, Inc. for $2.8 billion in November 2017, it moved into the publication’s former headquarters at 225 Liberty St. The deal was backed by $650 million from the Koch brothers’ private equity firm. In March 2018, Meredith announced laying off 1,200 employees and was looking to sell Time magazine, Sports Illustrated, Fortune and Money.
On Meredith’s website, in addition to Des Moines, the media conglomerate’s national offices are listed at the New York addresses of 225 Liberty St. and 805 Third Ave. in Manhattan, and 241 37th St. in Brooklyn. However, Meredith has been working to sublease its Midtown space, totaling 200,000 square feet, according to the Commercial Observer. In May 2018, as reported in GlobeSt.com, Meredith subleased 95,000 square feet at 805 Third Ave. to Kroll Bond Rating Agency.
In this most recent sublease, CBRE’s William Iacovelli represented Gen II. JLL’s Frank Doyle and Randy Abend represented Meredith.
Gen II, which administers over $200 billion of private capital, had outgrown its previous office space according to Iacovelli. “The 24th and 25th floors of 805 Third Ave. provided the space and the open layout that Gen II needed to accommodate its current employees and to plan for future growth,” he says. “The building also allowed Gen II to remain in the Midtown East neighborhood, where they can continue to be easily accessible to clients and to employees.”
Cohen Brothers Realty is the owner of the 31-story building that was constructed in 1980, according to Real Capital Analytics. Other tenants include Carmel Partners and Toyota Tsusho America.