, the $247 billion asset management firm that spun-out of now defunct Lehman Brothers
, has signed a new lease for its new offices in midtown West. The new digs will be at 1290 Avenue of the Americas between 51st and 52nd streets. Vornado Realty Trust
owns and operates the building and NB is signing on for a 20 year lease.
Neuberger won't be moving into the new space until the fourth quarter of 2016, as its current lease expires in 2017. But when NB moves, it will have 355,000 square feet, extensive NB branding and its own lobby visitor center. The space is slightly more than the 350,000 square feet NB currently occupies at 605 Third Ave., which is owned by Fisher Brothers
. That building is located between 39th and 40th streets, in Midtown East and NB has been renting space there since 1992.
A news release
from the firm said the new location was preferred because of recent extensive infrastructure investments made by Vornado, the central location and an opportunity to build a client conference center with impressive views. According to the building's website
, it went through a renovation in 2012-2013. It was originally built in 1963.
A company spokesman added that after careful consideration, Neuberger Berman decided that moving to the new building would be "less disruptive than renovating the current space, and expects the design at the new building to be more efficient for the firm's needs." Looks like the firm's staffers will just have to pick up their stuff and move five blocks West and about 11 blocks North.
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