Investment Firm Takes 70 KSF at Rudin Manhattan Tower

Investment giant Capital Group has inked a 10-year lease for space at Rudin’s 345 Park Ave. in Manhattan. The firm will occupy the entire 70,400-square-foot fourth floor of the property.

Capital Group is scheduled to occupy the space in the fall of 2027, while maintaining its current presence at 399 Park Ave. With the signing of this deal, 345 Park Ave. is now fully leased.

Developed by Rudin and opened in 1969, the 1,900,000-square-foot tower has counted a good number of top-tier companies among its tenants, including investor Blackstone, law firm Loeb & Loeb and the NFL. In July, Loeb & Loeb expanded its Manhattan footprint to 178,959 square feet, including a 18,908-square-foot expansion and a 16-year lease extension at 345 Park Ave.

---

READ ALSO: How Hospitality Is Reshaping the Modern Office

---

Rudin is currently undertaking an expansion of the common-area amenities at 345 Park Ave., adding 45,000 square feet to accommodate a tenant-exclusive lounge and a fitness and wellness center. The new amenities will be completed at the beginning of 2027.

Also, Rudin is bringing in French name chef Cyril Lignac to open a Bar des Pres restaurant and two additional concepts in the building. The property’s street-level food, beverage and hospitality offerings will open to the public early next year.

The lease followed Capital Group’s announcement in the spring that the company was planning to invest up to $70 million per year to expand its client-facing capabilities, including the addition of about 130 new sales and sales support roles over the next two years that will include licensed professionals, product specialists and early career talent.

As part of the initiative, Capital Group is establishing new coastal client hubs in New York and Los Angeles, thus expanding its existing presence in those cities. The investment will grow Capital Group’s U.S. client-facing organization from roughly 470 to 600 associates.

Rudin Senior Vice President of Office Leasing Robert Steinman represented the firm in-house in the 345 Park Ave. lease. CBRE Senior Vice Presidents Chris Mansfield, Frank Scott, Zachary Weil and Eddie Sisca, Vice Chairman David Opper and Vice President Trevor Larkin represented Capital Group.

A hot time for leases in Manhattan

Demand for office space in Manhattan remains strong. Last month, AI company Mercor signed a 25,550-square-foot office lease at The Durst Organization and The Port Authority of New York’s One World Trade Center, in Manhattan’s Financial District.

Also in July, Anchorage Capital Advisors signed a 20,560-square-foot lease on two floors at 125 W. 57th St. in Manhattan. Cain and Alchemy-ABR Investment Partners are the owners of the building.

And in June, asset management firm Commonfund relocated from Park Avenue to The Durst Organization’s 825 Third Ave., in Manhattan’s Midtown East. The tenant’s 11,816-square-foot lease encompasses the entire 22nd floor at the 521,707-square-foot property.