Newmark Knight Frank (NKF) is pleased to announce it has arranged a 10-year, 4,200-square-foot lease for the entire 15th floor at 24 West 40th Street. The tenant, Ritholtz Wealth Management (RWM), was represented by NKF Senior Managing Director Lee Brodsky and Associate Director Alyssa Zahler. NKF Vice Chairman Scott Klau, Senior Managing Director Erik Harris and Associate Director Zachary Weil represented the owner, Harbor Group Management Company.
RWM, which is moving from a sublease at 90 Park Avenue, is led by social-media savvy business and financial news authors and pundits Josh Brown and Barry Ritholtz. CEO Brown is a CNBC contributor, whose popular blog “The Reformed Broker” has garnered him a Twitter following of nearly 1 million. Chairman and CIO Ritholtz is host of Bloomberg’s “Master in Business” podcast and is a featured columnist in the Washington Post.
A recognized wealth management and financial planning advisor, RWM’s investment plans for the modern marketplace have garnered them a well-known profile in the finance world. The transparency and openness of the principals has resulted in media attention from notable outlets that cite their contemporary approach as a major factor in the firm’s success. Since its launch in 2013, the firm has won several accolades, including ETF.com’s Best ETF Advisor, Investopedia’s Top 100 Most Influential Financial Advisors (#1 – CEO, Josh Brown) and was named to the FT 300 list of top registered investment advisors.
RWM’s new space is a pre-built unit which boasts exposed ceilings, concrete floors, and glass-fronted offices with exceptional views of Bryant Park. 24 West 40th Street, an 88,000-square-foot, 17-story boutique office building completed in 1925, overlooks scenic Bryant Park. The façade of the property features thin colonettes that draw the eye upward to decorative French dormers that sit atop, enhancing the classic exterior which complements the modern interior. As the former home of Scientific American, an innovator in the publishing industry, new-wave wealth management company RWM will be right at home.
“We had a very unique set of circumstances given the fact that we have a headcount that flexes up and down from week to week in the New York office,” said Brown. “Additionally, as a national wealth management firm with clients who visit from all over the country, location was a major priority. NKF understood this intuitively and helped us thread the needle.”
“The building’s proximity to Grand Central and Penn Station along with sweeping views of Bryant Park made this an ideal location,” said Zahler. “The modern aesthetic of the full-floor unit and the boutique nature of the building aligned perfectly with the needs of the firm.”