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

The company, also known as Shorenstein Properties, 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 and Rialto Capital Management secures Shorenstein a prebuilt space across the entire 16th floor. 

Asking rents at the Midtown building, located between Park and Madison avenues, range from $125 to $155 per square foot. 

The 140,000-square-foot office property once served as Santander Bank’s U.S. headquarters. ZG Capital and Rialto Capital acquired the tower for $105 million in 2022, and undertook a Class A repositioning. 

“Welcoming a firm like Shorenstein validates that strategy and reinforces Park 53’s position as a premier Midtown address,” Bobby Zar, head of ZG Capital, said in a statement.

JLL’s Mitch Konsker, Benjamin Bass, Alex Chudnoff, Greg Wang and Thomas Swartz represented the landlords, while CBRE’s Sacha Zarba, Kyle Zarba and Claire Pisano negotiated on behalf of Shorenstein. 

Other tenants at Park 53 include mortgage lenders Acres Capital and CrossCountry Mortgage, as well as asset management company Bramshill Investments.

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 of the 617,000-square-foot office building.

A spokesperson for Shorenstein declined to comment. A CBRE spokesperson did not respond to a request for comment. 

Emily Davis can be reached at edavis@commercialobserver.com. 

Keywords: 45 East 53rd Street, 850 Third Avenue, Alex Chudnoff, Benjamin Bass, Bobby Zar, Claire Pisano, Greg Wang, Kyle Zarba, Mitch Konsker, Park 53, Sacha Zarba, Thomas Swartz, CBRE, JLL, Rialto Capital Management, Shorenstein, Shorenstein Properties, ZG Capital Partners