Wellspring Capital Management Takes Penthouse Floor at 605 Third Ave.
The private equity firm will occupy 15,000 square feet, relocating to Fisher Brothers’ Midtown East office tower.
NEW YORK CITY— Wellspring Capital Management has signed a new 15-year, 14,698-square-foot lease for the entire penthouse floor at Fisher Brothers’ recently renovated office skyscraper at 605 Third Ave. A source with knowledge of the deal tells GlobeSt.com that the asking rent was in the mid-80s.
The private equity firm will move from 390 Park Ave. between E. 53rd and E. 54th streets to the top floor of the 44-story tower later this year.
“With abundant natural light and striking panoramic views, the penthouse at 605 Third Avenue is one of the city’s most impressive and inspiring workspaces,” said Fisher Brothers partner Winston Fisher. He further notes that Wellspring was seeking space to remain in Midtown.
In 2015, Fisher Brothers completed a $25 million renovation to its 1.1 million-square-foot office tower that is situated on Third Avenue between E. 39th and E. 40th streets. The tower is now 96% leased with only two full floors and two partial floors available.
Current tenants include Broadridge Financial Solutions, Deluxe Financial Services, Informa, Univision, AECOM, the United Nations Population Fund, Japan’s Mission to the UN, the Turkish Consulate General, David Hutcher & Citron and Day Pitney.
Designed by David Rockwell and the Rockwell Group, the renovation project included a new lobby with brass panel walls. The lobby also features two oversized, digital glass windows which function like kaleidoscopes, creating a signature form of public art.
CBRE’s Michael Geoghegan and Paul Stimpfle represented Wellspring Capital Management in the lease. Fisher Brothers was represented in-house by Marc Packman and Clark Briffel, as well as by Cushman & Wakefield’s Bruce Mosler, Louis D’Avanzo, Andrew Ross, Michael Baraldi and Maria Travlos.