East Midtown, a favored location for hedge funds and small financial firms, will soon have a prestigious new location for them.After serving as Santander’s New York headquarters since 1991, the 134,000 square-foot boutique office tower at 45 E. 53rd St. is finally to be made available for other tenants.
A joint venture of ZG Capital and Rialto Capital Management quietly signed a contract last week on an off-market deal to buy the tower for $105 million, Realty Check has learned. The seller was Florida-based MEK Management Services. The deal will close in 30 days.The new owners plan a $60 million-$80 million capital upgrade to modernize the soon to be vacant, 20-story jewel and create new tenant amenities.Newmark’s Jordan Roeschlaub and Dustin Stolly arranged and structured the equity joint-venture and are arranging financing.Santander has used the property as its New York headquarters since it was built in 1991.
It sold it to MEK in 2012 but net-leased it back. The Spanish bank exercised an option to leave early this year and plans to consolidate its space at 437 Madison Ave. in the fall.The new owners of 45 E. 53rd St. plan to attract boutique financial services firms that want full-floor presences in first-class Plaza District locations.
Santander’s East Midtown tower has a new owner
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