RP Management, the investment manager for pharmaceutical royalties firm Royalty Pharma, has signed a 10-year lease renewal and expansion at 110 East 59th Street. The new transaction brings the prestigious 37-story property to 100% occupancy.
RP Management’s presence at the 612,000 square foot Midtown tower will grow to approximately 30,000 square feet as a result of the lease. In addition to the 16,744 square feet it currently occupies across the entire 33rd floor and a portion of the 32nd floor, the firm will take an additional 13,284 square feet on the entire 28th floor.
RP Management’s expanded commitment coincides with an ongoing, multi-million dollar capital improvement program at the tower. Most recently, Resnick completed a total transformation of the façade from its original brick to a high-performance, aluminum rain-screen system. Designed by MdeAS Architects and Vidaris, the new façade will significantly enhance the thermal performance of the tower while totally refreshing the original W.M. Lescaze design.
In addition to the façade improvements, Rensick has completed installation of new glass turnstiles in the building’s lobby. Other upcoming capital improvements include a modernized destination dispatch elevator system, a new cooling tower and emergency generator, and a green roof to reduce stormwater runoff.
“We are pleased to extend our longstanding relationship with RP Management at 110 East 59th Street and look forward to continuing to serve their office space needs in the coming years,” said Jonathan Resnick, President of Jack Resnick & Sons. “We take pride in our hands-on management and are always working to put smart capital back into our properties. We view this renewal and expansion as a vote of confidence in our efforts.”
Jack Resnick & Sons’ Executive Managing Director Brett Greenberg and Managing Director Fran Delgorio represented the building owner in the transaction. There were no outside brokers for the tenant. Asking rents for the property are in the $90s per square foot.
Add Comment