(Bloomberg) -- Ares Management Corp. is expanding its offices at a building near Manhattan’s Grand Central Terminal, an area that has become a magnet for Wall Street’s biggest players.
The alternative asset manager will occupy the top eight stories of 245 Park Ave., a tower owned by SL Green Realty Corp. and a Mori Trust Co. affiliate, according to an Ares spokesperson. The new lease adds three floors to the firm’s current footprint, providing offices for about 1,150 Ares staff, up from the 698 workers in the building as of May 31.
“We are excited to retain our Park Avenue office location,” said the spokesperson for Ares, which oversaw $428 billion as of March 31. “We see great value in supporting an environment that is conducive to in-person collaboration.”
Park Avenue near Grand Central has emerged as one of the most sought-after US office submarkets, even as space demand in general lags behind pre-pandemic levels. JPMorgan Chase & Co.’s new headquarters tower is under construction in the Midtown neighborhood, and Ken Griffin’s Citadel has plans for a 62-story skyscraper nearby. Blackstone Inc. is adding to its space at 345 Park Ave.
Asking rents in Midtown averaged $83.54 a square foot in June, compared with the average for Manhattan of $77.65 a square foot, CBRE Group Inc. reported.
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