Cassidy Turley has negotiated a six-year, 43,295 s/f sublease at the Helmsley Building, at 230 Park Avenue, for Lebenthal Wealth Advisors.
Lebenthal Wealth Advisors, the newly launched private wealth advisory division of Lebenthal Holdings, will sublease the 31st and 32nd floors from HSH Nordbank, which will consolidate and relocate to the 34th floor.
Cassidy Turley’s Peter Occhi, Stephen Bellwood, Theodora Livadiotis and Emily Bush represented HSH Nordbank, while Silvio Petriello and Nicolas Weld of CBRE represented the tenant.
“Our team was confident that demand for this renowned space would be strong and brokered a deal within six weeks,” said Occhi, managing director at Cassidy Turley.
“In fact, our team solicited four other potential tenants for the space within three weeks of marketing it. Lebenthal Wealth Advisors is moving into an iconic and landmarked property with a sprawling space that is exquisitely built-out and will not require any additional work.”
Cassidy Turley optimized the arrangement for both HSH and Lebenthal with a phased occupancy. By utilizing this strategy, HSH was able to relocate off of the 31st floor and renovate the 34th floor, thereby offering Lebenthal the opportunity for future growth. Terms of the sublease were undisclosed.
