CBRE is expanding its New York presence with a deal to take more than 64,000 square feet of space at Lever House for a new global financial headquarters, the real estate firm announced Friday morning.
The company has partnered on the deal with coworking firm Industrious, which will design and operate the space at 390 Park Ave. It will be spread across six floors, four of which will house the headquarters for CBRE’s investment management operations. The other two floors will be a flexible workspace meant for CBRE senior executives.
CBRE expects to move into its Lever House location during the fourth quarter of the year. A representative for the firm declined to disclose the length of the lease or its asking rent.
The global corporate headquarters for CBRE will remain in Dallas, and the company will also keep its space in the MetLife Building at 200 Park Ave., where it leases 180,000 square feet on a deal that does not expire until 2037. Its new Lever House space is meant to reflect CBRE’s growing financial presence in New York, along with its growing investment management business, according to the company.
“Lever House is a premier address that will help us to attract top real estate finance talent,” CBRE CEO Bob Sulentic said in a statement. “It’s located in the heart of Midtown’s financial district and is a convenient walk to 200 Park, which has been the hub of our New York operations for more than 30 years.”
Lever House is co-owned by WatermanClark and Brookfield Properties, which finished a $100 million renovation of the property late in 2023. This included overhauling the lobby and turning the third floor into the Lever Club, a hospitality suite with meeting spaces and a bar. The property is 75.5% leased, and estimated rents range from $158 to $193 per square foot, according to commercial real estate database CoStar.
Tenants include Quantum Energy Partners and The Northern Trust Co., CoStar records show. Private equity firm Atairos also recently inked a 10-year deal to lease 22,000 square feet in the building.
Industrious is more focused on signing management deals with property owners rather than leases, and it has made it through the past few years of coworking troubles relatively unscathed. The company signed a 10-year deal last year to manage about 240,000 square feet of office space at 12 E. 49th St., which was once the Midtown headquarters for its competitor WeWork.
Silvio Petriello represented CBRE in the Lever House lease in-house. CBRE’s John Maher, Peter Turchin, Caroline Merck, Alex Benisatto, William Hooks and Maxwell Tarter represented Brookfield and WatermanClark.
