Commercial real estate platform
Surmount has signed a deal to relocate and expand its New York City headquarters.
Surmount, which formed this spring through a merger of net-lease advisory firms NNN Pro, STNL Advisors and United Global Development, inked a 30,000-square-foot lease at SL Green Realty’s 1185 Avenue of the Americas in Midtown Manhattan, Commercial Observer has learned. The company will occupy the entire 30th floor and more than double its space from its previous headquarters at 275 Madison Avenue, according to Glen Kunofsky, the firm’s founder and CEO.
“This move to 1185 AOA represents the supercharging of our New York City headquarters and a decisive step in Surmount’s growth journey,” Kunofsky said in a statement. He added that the new space would “support” the firm’s “continued growth and innovation.”
Asking rent was $85 per square foot, according to Surmount. The length of the lease was not disclosed other than it involves “multiple years.”
Kunofsky told CO in late April that the combined firm is designed to provide brokerage, development and advisory services to tenants who don’t have in-house real estate departments. The combined Surmount company also has offices in Boston, Chicago and Scottsdale, Ariz., with more than 130 total employees.
Newmark negotiated the lease deal on behalf of Surmount with a team consisting of David Falk, Jason Greenstein and Justin Pollner.
The landlord was represented in lease negotiations by Newmark’s Brian Waterman, Scott Klau, Brent Ozarowski, Kevin Sullivan and David Waterman alongside SL Green’s Howard Tenenbaum and Gary Rosen.
“Navigating the complexities of the Midtown market, our team was able to secure an incredibly strategic opportunity for Surmount that we’re very excited about,” Greenstein said in a statement.
Greenstein also noted that the lease provides “the flexibility and cost efficiencies of a sublease” combined with “the stability and privity of a direct deal” that enables Surmount to “expand without the upfront capital expenditure typically required for such a move and in a structure that allows flexibility and optionality for longer-term growth.”
SURMOUNT was represented by
Michael Federman and Jeffrey Friedman of the law firm Federman Stiefman served as legal counsel on behalf of Surmount. Loeb & Loeb represented SL Green as legal counsel.
Other tenants of 1185 Avenue of the Americas include energy investment company Hartree Partners, law firm Lankler Siffert & Wohl, law firm Glenn Agre Bergman & Fuentes, bank ICBC Standard Resources and foreign shell corporation Slatebrook.
