Tuesday, April 12, 2011
Fred Alger Goes to Park Avenue
Reported by Armie Margaret Lee
Fred Alger Management
is trading its Fifth Avenue digs for a Park Avenue address. The mutual fund firm has inked a 10-year sublease for 46,000 square feet of space at 360 Park Avenue South.
Fred Alger Management's new home
Alger will occupy the second and third floors of the building. Alexander Chudnoff, executive managing director, with Jones Lang LaSalle's New York office, represented Alger in the transaction.
"Over the past five years, Alger has experienced significant client and asset growth and has outgrown its existing office space," Chudnoff said in a press release.
Alger will move to Park Avenue from its current offices on 111 Fifth Avenue.
Company Press Release
Jones Lang LaSalle Completes 46,000-SF Sublease for Fred Alger Management at 360 Park Avenue South in New York
Financial advisor to occupy entire second floor, third floor at 442,800-SF office building
NEW YORK, March 17, 2011 — Jones Lang LaSalle has completed a sublease transaction for Fred Alger Management Inc. at 360 Park Avenue South with Reed Elsevier. Alger, a premier investment management firm, signed a 10-year sublease for 46,000 square feet at the 442,800-square-foot, Class A office building.
Alger was represented by Alexander Chudnoff, executive managing director, with Jones Lang LaSalle’s New York office. The subtenant was also represented by Douglas Dolgoff, senior director, and Haley Klein, director, with Cushman & Wakefield Inc. Sublessor Reed Elsevier was represented by Kevin Daly, senior director, and W. Clark Finney, senior associate, with Cushman & Wakefield.
"Over the past five years, Alger has experienced significant client and asset growth and has outgrown its existing office space," said Chudnoff. "We were able to locate two full floors of cost-efficient space at 360 Park Avenue South that offer high ceilings and tremendous visibility. The new space provides Alger with the flexibility to create an office designed to meet its current and future needs as the firm continues to grow. In addition, Alger and its employees appreciate the accessibility and location of the building, which is adjacent to historic Madison Square Park and in close proximity to its existing location."
Alger will sublease approximately 46,000 square feet and will occupy the entire second floor and third floor at 360 Park Avenue South, which is located between East 25th and East 26th streets. Alger is relocating to the building from its existing offices at 111 Fifth Avenue.
Jones Lang LaSalle is a leader in the New York tri-state commercial real estate market, with more than 1,600 of the most recognized industry experts offering brokerage, capital markets, facilities management, consulting, and project and development services. In 2009, the New York tri-state team completed approximately 21 million square feet in lease transactions, concluded property sales transactions valued at more than $1.75 billion, managed projects valued at more than $4 billion, and oversaw a property and facilities management portfolio of 76 million square feet.
Founded in 1964, Fred Alger Management, Inc. offers institutional and individual investors traditional and alternative investment products in a variety of products, including separate accounts, mutual funds and privately offered investment vehicles. Alger currently manages nearly $17 billion and services public and private pension funds, endowments and foundations, high net-worth and retail investors. Alger's investment philosophy, which is applied across its array of offerings is focused on discovering companies undergoing Positive Dynamic Change. Fred Alger & Company, Incorporated, a broker-dealer and the parent company of Fred Alger Management, Inc. offers mutual funds as well as institutional funds for defined benefit and defined contribution plans. For more information, please visit www.alger.com.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from 750 locations worldwide, including 180 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with more than $41 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
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