(Bloomberg) -- Solomon Partners, the financial advisory firm previously known as PJ Solomon, is relocating its headquarters to Manhattan’s 1251 Avenue of the Americas, the former Exxon Building, as the company expands in New York.
The company signed a 15-year lease with landlord Mitsui Fudosan America for roughly 70,000 square feet (6,500 square meters) of space on the tower’s 31st and 32nd floors, according to a statement Monday.
Solomon Partners currently subleases 42,000 square feet from AllianceBernstein Holding LP at 1345 Avenue of the Americas. Solomon Partners will move at the end of next year.
“It was challenging to locate trophy office space for a growing firm in midtown Manhattan,” Solomon Partners Chief Executive Officer Marc Cooper said in the statement. “As we maintain our hybrid work environment, we want our employees to enjoy coming into the office to collaborate, network and learn.”
Solomon Partners now has about 160 bankers, up from 35 in 2016. The new spot will put the firm near Times Square and Rockefeller Center at a 53-story skyscraper that’s been upgraded in recent years.
While Manhattan’s office supply remains high, tenants are often seeking out newly developed and renovated towers, making competition for those spaces tougher. BDT & MSD Partners, built from the combination of Byron Trott’s company and Michael Dell’s firm, recently took space at 550 Madison Ave., the former Sony building that has been redeveloped.
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