{"id":282891,"date":"2026-06-30T22:27:14","date_gmt":"2026-06-30T22:27:14","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-ny\/282891\/"},"modified":"2026-06-30T22:27:14","modified_gmt":"2026-06-30T22:27:14","slug":"shorenstein-relocates-hq-to-6k-sf-at-45-east-53rd-street-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-ny\/282891\/","title":{"rendered":"Shorenstein Relocates HQ to 6K SF at 45 East 53rd Street \u2013 Commercial Observer"},"content":{"rendered":"

Real estate owner and operator Shorenstein<\/a> is departing its longtime home at 850 Third Avenue for a full-floor lease at 45 East 53rd Street, Commercial Observer has learned.<\/p>\n

The company, also known as Shorenstein Properties<\/a>, has signed a 5,560-square-foot deal to relocate its regional headquarters to the 20-story tower, known as Park 53. The seven-year lease with landlords ZG Capital Partners<\/a> and Rialto Capital Management<\/a> secures Shorenstein a prebuilt space across the entire 16th floor.\u00a0<\/p>\n

SEE ALSO: Private Equity Firm Niobrara Capital Takes 11K SF at Marx Realty\u2019s 545 Madison Avenue<\/a><\/p>\n

Asking rents at the Midtown building, located between Park and Madison avenues, range from $125 to $155 per square foot.\u00a0<\/p>\n

The 140,000-square-foot office property once served as Santander Bank\u2019s U.S. headquarters. ZG Capital and Rialto Capital acquired the tower for $105 million in 2022<\/a>, and undertook a Class A repositioning.\u00a0<\/p>\n

\u201cWelcoming a firm like Shorenstein validates that strategy and reinforces Park 53\u2019s position as a premier Midtown address,\u201d Bobby Zar, head of ZG Capital, said in a statement.<\/p>\n

JLL<\/a>\u2019s Mitch Konsker, Benjamin Bass, Alex Chudnoff, Greg Wang and Thomas Swartz represented the landlords, while CBRE<\/a>\u2019s Sacha Zarba, Kyle Zarba and Claire Pisano negotiated on behalf of Shorenstein.\u00a0<\/p>\n

Other tenants at Park 53 include mortgage lenders Acres Capital and CrossCountry Mortgage, as well as asset management company Bramshill Investments.<\/p>\n

It is unclear why or when Shorenstein plans to make the roughly three-block leap east from 850 Third Avenue, but the ultimate departure may be just a little bittersweet. Shorenstein owned the 21-story Third Avenue tower from 2008 to 2016, when it was acquired by a joint venture for $463 million. Current owners HPS Investment Partners and Waterman Interests are currently undertaking a repositioning<\/a> of the 617,000-square-foot office building.<\/p>\n

A spokesperson for Shorenstein declined to comment. A CBRE spokesperson did not respond to a request for comment.\u00a0<\/p>\n

Emily Davis can be reached at edavis@commercialobserver.com<\/a>.\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"Real estate owner and operator Shorenstein is departing its longtime home at 850 Third Avenue for a full-floor…\n","protected":false},"author":2,"featured_media":282892,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[108467,10017,103531,28869,108468,108469,24467,92797,2361,75,84,83,34670,9,24,63,2362,108470,48099,98846],"class_list":["post-282891","post","type-post","status-publish","format-standard","has-post-thumbnail","category-manhattan","tag-45-east-53rd-street","tag-850-third-avenue","tag-alex-chudnoff","tag-benjamin-bass","tag-bobby-zar","tag-claire-pisano","tag-greg-wang","tag-kyle-zarba","tag-leases","tag-manhattan","tag-manhattan-headlines","tag-manhattan-news","tag-mitch-konsker","tag-new-york","tag-new-york-city","tag-nyc","tag-office-leases","tag-park-53","tag-sacha-zarba","tag-thomas-swartz-channel"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/282891","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/comments?post=282891"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/posts\/282891\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media\/282892"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/media?parent=282891"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/categories?post=282891"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ny\/wp-json\/wp\/v2\/tags?post=282891"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}