Royce and Associates
is moving its headquarters
from Manhattan's Avenue of the Americas to Fifth Avenue. The small cap value specialist inked a 15-year lease for a four-floor, 55,000-square-foot space on 745 Fifth Avenue, according to CoStar Group
, a commercial real estate
information firm. The CoStar article did not state when the fund firm will make the move.
Royce, currently housed at a 30,000-square-foot space at 1414 Avenue of the Americas, hired Aragon Construction
to create the new headquarters. Work began on November 17 and is expected to wrap up next month.
The fund firm has outgrown the Avenue of the Americas space and plans to sublet it, according to the article.
Royce, whose product line includes 23 open-end mutual funds and three closed-end funds, has more than 100 employees, according to its Web site
. It had $19 billion of AUM
at the end of 2008.
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