Rabina signs first office tenants at 520 Fifth Ave. totaling 29,000 s/f

Manhattan, NY According to Rabina, the first office leases have been signed at 520 Fifth Ave., the tallest mixed-use building on Fifth Ave. With occupancy slated for this Fall, the 1,002-ft.-tall tower has signed three office leases totaling 29,000 s/f, with multiple additional leases pending. The tenants include Ancient, a New York City-based private equity investment firm, JAB Holding Co. (JAB), a global investment firm, and a New York City-based biotechnology hedge fund.

“We are thrilled to welcome our first office tenants to 520 Fifth Ave.,” said Josh Rabina, president and CEO of Rabina. “These organizations perfectly align with the ecosystem we are hoping to build here: impactful, forward-thinking, and world-class. We are proud to have each of them as tenants and look forward to continuing to add to 520’s esteemed community during coming months.”

Ancient will be taking 8,682 s/f of office space on the 14^th floor of the building. While additional terms of the lease are not disclosed, Ancient will be relocating from its current office space on West 22^nd St. The deal was brokered by CBRE, led by vice chairman Ben Friedland and senior vice president Hugh McDonald.

JAB, a global investment firm with a diversified portfolio spanning consumer and life insurance assets, will relocate to 520 Fifth Ave. and occupy the 11^th floor, encompassing 11,634 s/f of office space. The deal was brokered by JLL’s Matthew Astrachan, vice chairman; Seth Godnick, senior vice president; and Stefanie Rock, associate.

The third tenant is a biotechnology hedge fund that will relocate its New York City headquarters to the 23^rd floor of 520 Fifth Ave., where it will occupy 6,800 s/f of office space. The firm is expected to fully transition into the new tower by the end of the year. The lease transaction was brokered by Jason Roberts, senior vice president at JLL.

“520 Fifth Ave. offers an unmatched opportunity for us to create an intimate space to host our colleagues, friends and clients – a space that celebrates the optimistic energy of New York City,” said Alexander Klabin, chairman and CEO of Ancient. “We are excited to contribute to the dynamic community that the building is creating and are pleased to be a part of its genesis.”

“Establishing a presence in the heart of Midtown Manhattan is a meaningful milestone for our team,” said Lauren Aguiar, partner, chief legal officer, and global general counsel of JAB. “520 Fifth Ave.’s cutting-edge amenities, contemporary design, and prime location made it a natural choice. We’re proud to join a development that embodies the future of work and sets a new standard for workplace culture in the city.”

The firms were attracted to 520 Fifth Ave.’s central location and boutique luxury offices, which will range from 6,800 to 12,300 s/f over 25 full floors, each equipped with 12-ft. tall ceilings, private terraces and loggias, and distinct arched operable windows that allow for natural light and air circulation within the interiors, providing tenants with a modern work environment that integrates architectural elegance with functional design. Complete with Beaux-Arts inspired architecture by Kohn Pedersen Fox (KPF) and designed interiors by Charles & Co., employees will also be able to have access to 520 Fifth Ave.’s exceptional fitness, spa, dining, social spaces and hospitality offerings. The leasing team for 520 Fifth Ave. includes vice chairmen Benjamin Bass, Paul Glickman, and Frank Doyle; executive managing director Clark Finney; and senior vice presidents Harrison Potter and Robin Olinyk.

“The response to 520 Fifth Ave. has been remarkable,” said Bass. “As momentum continues and the project gets closer to delivery, we are seeing strong interest from prospective tenants, with active negotiations underway on several other office floors.”

Situated at the intersection of Fifth Ave. and West 43^rd St., above the northeast corner of Bryant Park and near Grand Central Station, 520 Fifth Ave. was designed by KPF. The building integrates a limited collection of full-floor offices with 100 luxury condominium residences and Moss, a new private members’ club delivering best-in-class hospitality, recreation, fitness and wellness. Corcoran Sunshine launched residential sales in April 2024 and since then has sold over 95% of the 100 total luxury residences within the building. 

Office tenants at 520 Fifth Ave. are expected to move in starting in late 2025 and JLL serves as the official leasing company for the building’s commercial office space.