A company that was founded by former Bear Stearns executives is moving to 575 Fifth Ave. on the southeast corner of East 47th Street.
Balbec Capital is leasing a 6,113-square-foot pre-prebuilt on a portion of the 19th floor with reception space right off the side core elevator bank.
Company Chairman Warren Spector was Bear Stearns’ president and co-chief operating officer until the firm dissolved and he founded Balbec in 2007 along with several of his crew members.
Balbec concentrates on alternative credit investments with a focus on bankruptcy proceedings, restructuring and distress.
Alexander Erdos and David Stockel of CBRE represented Balbec, which is moving from 444 Madison Ave., also known as the Burberry Building.
Building owners MetLife and Beacon Capital were represented by Andrew Braver, Josh Kuriloff, Matthias Li and James McCaffrey of Cushman & Wakefield. Average rents are in the $80s per square foot.
In preparation for L’Oreal’s move to Hudson Yards, which would leave its 40 stories completely vacant, 575 Fifth underwent a capital program that also brought it to LEED Gold.
It now has a brand-new conference center, large lounge, a game room, pantry, a flexible event space and bike storage.
And WeWork has a huge presence with numerous floors.
WeWork, in case you missed it, has become the largest occupier of office space in the city — surpassing JPMorgan Chase.