CBRE's Susan Kahaner, a SVP in the firm's Midtown office, and Laurence Briody, SVP, represented PennantPark in the transaction. CBRE's James Ackerson, VP, and Sinclair Li, senior associate, represented IBM. A CBRE spokesperson tells GlobeSt.com that the price per sf can not be publicized; however, MrOfficeSpace.com lists the 31st floor rent at and asking $135 per sf and the 39th floor at $160 per sf.
"This was a great deal for both sides," says Kahaner. "PennantPark, having recently been founded by former Apollo Investment Corp. president and COO Arthur Penn, was able to find high-quality space, and IBM landed a strong tenant for its sublease space."
PennantPark's portfolio consists primarily of investments in subordinated loans and senior secured loans made to private US middle-market companies. The company's investments in mezzanine loans, senior secured loans and other investments range between $15 million and $50 million each.
The one-million-sf 590 Madison Ave. is home to office tenants such as Akin, Gump, Strauss, Hauer & Feld, Bank of America, Smith Barney, Frank Russell Trust, Nippon Express USA Inc., UBS and Barclays Global Investors.
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