Morgan Stanley is significantly expanding its space at Paramount Group’s 1633 Broadway in Midtown, leasing five full floors for a total of 261,000 square feet.
The firm signed a 15-year lease at an asking rent in the low-to-mid-$70s per square foot. The financial services giant is expanding from its current 60,000-square-foot space at the building, with plans to move in on May 7, 2016.
Robert Alexander of CBRE represented Morgan Stanley in the transaction. Paramount’s Peter Brindley represented his firm in-house, the New York Observer reported. Morgan Stanley will occupy floors 26, 27, 29, 30 and 33.
Other tenants at the 48-story, 2.6-million-square-foot building include Warner Music Group, Allianz Capital Partners of America and law firm Kazowitz, Benson, Torres & Friedman.
FAO Schwarz considered moving its flagship location to the building earlier this year, but those talks ultimately fell through. [NYO] – Ariel Stulberg