Investment Firm Garnett Station Partners Expands to 35K SF at 450 Park Avenue

Garnett Station Partners, a New York-based private equity investment firm and alternative asset manager, is expanding its office footprint in Midtown Manhattan, Commercial Observer has learned.

Garnett has signed an 11.5-year lease to expand its footprint by 10,392 square feet on the entire seventh floor of SL Green Realty’s 450 Park Avenue, where it has been a tenant since 2023, according to a source with knowledge of the deal.

The investment firm already occupies 24,963 square feet across the 33-story building’s entire 24th and 25th floors, as well as part of the 27th floor. The new expansion brings Garnett’s total footprint at 450 Park to 35,355 square feet.

The asking rent for the new deal was $140 per square foot, according to the source.

Newmark’s David Falk and Jason Greenstein brokered the deal for the tenadant, while CBRE and representatives from SL Green repped the landlord in-house.

Spokespeople for SL Green and Garnett did not immediately respond to requests for comment, while Newmark declined to comment.

Garnett, founded in 2013 by private equity veterans Matthew Perelman and Alex Sloane, relocated to 450 Park in 2023 from a previous office at 853 Broadway. The firm currently has approximately $4.5 billion in assets under management.

Other tenants at 450 Park include private equity firm OceanSound, investment advisory services firm Steadfast Financial, and BankUnited, which just this month expanded to 27,392 square feet at the building.

SL Green bought the office building on Park Avenue between East 56th and East 57th streets for $445 million in 2022.

Isabelle Durso can be reached at idurso@commercialobserver.com.

Source: commercialobserver.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.