Investment Firm’s Lease Brings Rye Office Building to 100% Occupancy
Real Estate In-Depth | May 17, 2021
RYE—MSD Partners, L.P., an SEC-registered investment adviser, has signed a lease deal totaling 9,167 square feet at 411 Theodore Fremd Ave. here. The transaction brings the newly renovated, more than 118,000-square-foot office property to 100% occupancy.
The CBRE team of Michael McCall and Maria D’Angelo serve as the property’s exclusive leasing agents and represented ownership, Kiamie 411, LLC, which is owned by the Kiamie Family, in the negotiations. The asking rent was $32.00 per-square-foot, according to CBRE. MSD Partners, L.P. was represented by the New York City-based JLL team of Scott Panzer and Shannon Rzeznikiewicz.
MSD Partners, with headquarters at 645 Fifth Ave. in Manhattan, joins a growing list of prominent financial services tenants at 411 Theodore Fremd Ave., including Acadia Realty Trust, USALLIANCE Federal Credit Union and Dunes Point Capital.
“We are pleased to bring MSD Partners to 411 Theodore Fremd as their tenancy aligns very well with the building,” stated Matthew Kiamie, Vice President/COO, Windsor Management.
“This latest lease comes on the heels of a major renovation and repositioning completed at the property,” added CBRE’s McCall. “The new Westchester County office space leased by MSD Partners will better serve the firm’s employees living in the suburbs and will house its Credit Funds division.”
Totaling 118,129 square feet, 411 Theodore Fremd Ave. is a three-story boutique office property in the heart of Rye. The ownership recently completed several major capital improvements including new exterior and interior wayfinding signage, exterior building entrance renovations, building façade enhancements, lobby and common area improvements and new energy efficient LED light fixtures.