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Iconiq Capital Doubles Manhattan Office Footprint

| Commercial Real Estate News, Deals, Featured, Leasing, Office| Views: 0

Iconiq Capital will be the first office tenant at Boston Properties’ 360 Park Ave. S. following its redevelopment. The San Francisco-based wealth management company is set to occupy 70,000 square feet of prime Midtown office space in the 20-story property, nearly doubling its footprint in the city.

Iconiq’s previous premises — totaling a more modest 30,000 square feet — was located at Rockrose Development’s 15 E. 26th St.

CBRE’s Jeff Fischer and Chris Corinet brokered the deal on behalf of the tenant, while a CBRE team that included Peter Turchin, Gregg Rothkin, Ross Zimbalist, Arkady Smolyansky, Trevor Larkin and Hayden Pascal represented the landlord.

Boston Properties acquired 360 Park Ave. S. in 2021 through a joint venture with the Steinberg family’s Empire Asset Management. At the time, the building changed hands for $300 million. The transaction resulted in Boston Properties getting hold of a 42% stake, along with the responsibility for leasing and managing the property. It also kickstarted a $100 million renovation effort at the 440,000-square-foot property.

Iconiq’s move to a much larger Manhattan office is a sign of the rise of the wealth management industry. As these companies have developed portfolios of high-profile clients — which include the likes of Mark Zuckerberg, Sheryl Sandberg and Jack Dorsey — their services have also shifted to ever more elaborate investment strategies. That, in turn, has also led to changes in their recruitment and workspace needs with established financial hubs, such as Manhattan and San Francisco, becoming increasingly appealing.

Last year, Iconiq inked a sublease deal for 89,000 square feet of Autodesk’s office space at 300 Mission St. in San Francisco’s Mission District. Additionally, it also bought a minority stake in Madison Realty Capital, a New York-based real estate investment firm.

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