RP Management Renews and Expands at 110 E. 59th St.
The deal brings the Jack Resnick & Sons’ office tower to 100% occupancy.
NEW YORK CITY—RP Management signed a 10-year lease renewal and expansion totaling approximately 30,000 square feet at 110 E. 59th St. The Jack Resnick & Sons’ 37-story, 612,000 square-foot office building in Manhattan’s Plaza District between Park Avenue and Lexington Avenue is now 100% occupied. Asking rents for the property are in the $90s per square foot.
The tenant, the investment manager for the pharmaceutical royalties firm Royalty Pharma, currently occupies 16,744 square feet on the entire 33rd floor and part of the 32nd floor. With this new contract, it will also take the entire 28th floor, adding an additional 13,284 square feet.
Resnick has been engaged in an ongoing, multi-million dollar capital improvements program at the building, which the real estate company originally constructed in 1969.
“We take pride in our hands-on management and are always working to put smart capital back into our properties,” says Jonathan Resnick, president of Jack Resnick & Sons. “We view this renewal and expansion as a vote of confidence in our efforts.”
Other major tenants include Estée Lauder, Cantor Fitzgerald, Northwell Health, ZMC, and Mason Capital.
Resnick has completed its replacement of the façade from its original brick to an aluminum rain-screen system designed by MdeAS Architects and Vidaris. The new façade was installed to enhance the tower’s thermal performance, while also updating the original W.M. Lescaze design. The building owner also installed new glass turnstiles in the lobby, a modernized dispatch elevator system, a new cooling tower and emergency generator, and a green roof to reduce stormwater runoff.
Executive managing director Brett Greenberg and managing director Fran Delgorio at Resnick represented their company in-house. There were no outside brokers for the tenant.