Whereas kicking Albert Behler to the curb at 1633 Broadway, Rithm Capital is welcoming a significant tenant to the Midtown Manhattan workplace, its first important transfer since its billion-dollar acquisition of Paramount Group final month.
Paris-based monetary companies agency Natixis agreed to take 203,000 sq. ft at 1633 Broadway, the Business Observer reported. The lease was signed earlier than the top of the fourth quarter and was disclosed in a Savills report.
Particulars of the lease weren’t disclosed, although the deal is alleged to be long-term as Natixis relocates from 1251 Sixth Avenue. Asking rents at its new digs vary from $64 to $84 per sq. foot.
Cushman & Wakefield’s Robert Lowe brokered the lease.
In case it wasn’t already clear, Rithm owns 1633 Broadway, in addition to a handful of different buildings previously within the fingers of Paramount.
Final month, Behler — the longtime chief govt officer and chair of Paramount — was escorted out when he confirmed as much as his outdated workplace at 1633 Broadway regardless of now not being employed on the firm, in response to sources acquainted with the matter. The incident got here on Rithm’s first day as Paramount’s proprietor, although a supply near Behler claimed he believed the morning of the saga was really his final day.
Paramount reached an settlement to promote the agency to Rithm for $1.6 billion, or $6.60 per share, final yr following an intense multi-round bidding course of. Dubai-based Saray Capital, which owned a 5.4 p.c stake in Paramount, tried to make a last-minute provide for $6.95 per share. However shareholders in the end authorized Rithm’s bid.
In a press launch asserting the closing of its deal, Rithm mentioned that Behler “is departing the corporate,” however didn’t provide any extra particulars.
Paramount managed 13 million sq. ft of workplace house in New York and San Francisco.
Manhattan office leasing reached pre-pandemic ranges within the fourth quarter, in response to Colliers, posting its strongest quarter since late 2019. That quarter contributed to a yearly complete of almost 42 million sq. ft for the very best complete since 2019.
Learn extra
Shareholders sign off on Paramount’s sale to Rithm
Ex-Paramount CEO Albert Behler shows up to office, gets shown the exit
Manhattan office leasing roars back to pre-pandemic pace
