Rabina Secures 1st Office Tenants at New Manhattan Skyscraper
The firms are expected to move in by the end of the year.
New York–based developer and commercial real estate investor Rabina has signed the first three office tenants—totaling almost 29,000 square feet—at its 1,002-foot-tall Class A tower at 520 Fifth Ave. in Manhattan.
The 88-story skyscraper reportedly will be the tallest mixed-use building on Fifth Avenue when it opens this fall.
The inaugural tenants are Ancient, a New York City-based private equity investment firm; JAB Holding Co., a global investment firm; and an unnamed New York City–based biotechnology hedge fund.
The tenants are expected to move in by the end of the year, once the building is complete, a Rabina spokesperson told Commercial Property Executive. He added that the building has about 200,000 rentable square feet of office space across 25 full floors.
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Ancient has taken 8,682 square feet on the 14th floor, in a relocation from its current office space on West 22nd Street. The deal was brokered by a CBRE team led by Vice Chairman Ben Friedland and Senior VP Hugh McDonald.
JAB will relocate to the 11th floor at 520 Fifth Ave., encompassing 11,634 square feet. The deal was brokered by JLL’s Matthew Astrachan, vice chairman; Seth Godnick, senior VP; and Stefanie Rock, associate. JAB is the controlling shareholder of global beauty brand Coty Inc. and JDE Peet’s, a leading pure-play coffee and tea company, as well as the anchor shareholder of Krispy Kreme Inc.
The biotech hedge fund will relocate its New York City headquarters to the 23rd floor of 520 Fifth Avenue, occupying about 6,800 square feet of space. The lease was brokered by JLL Senior VP Jason Roberts.
The leasing team for 520 Fifth Ave.’s office space includes JLL Vice Chairmen Benjamin Bass, Paul Glickman and Frank Doyle; Executive Managing Director Clark Finney; and Senior VPs Harrison Potter and Robin Olinyk.
520 Fifth Ave. features boutique luxury offices ranging from 6,800 to 12,300 square feet over 25 full floors, each with 12-foot-plus ceilings, private terraces and loggias, and arched operable windows that allow for natural light and air circulation.
The building is at the intersection of Fifth Avenue and West 43rd Street, adjacent to Bryant Park and only steps from Grand Central Station. Its Beaux Arts–inspired architecture is by Kohn Pedersen Fox, and the interiors were designed by Charles & Co.
Corcoran Sunshine launched residential sales at 520 Fifth Ave. in April 2024 and since then has sold more than 95 percent of the building’s 100 luxury residences.
Manhattan’s office market performance
Net office absorption in Manhattan so far this year has exceeded 3 million square feet, and the total availability has decreased to 15.3 percent, a drop of 300 basis points year-over-year, according to a second-quarter report from CBRE. Leasing activity just in May exceeded 1 million square feet.
In April, credit intelligence and data firm Octus signed a 43,000-square-foot lease at 295 Fifth Ave., a 710,000-square-foot office building owned by a joint venture of Tribeca Investment Group, PGIM Real Estate and Meadow Partners. CBRE represented ownership, while Colliers represented the tenant, which is relocating its headquarters from 11 E. 26th St.
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