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New York & Tri-State   /   December 18, 2018

Paul Bubny
By: Paul Bubny

Investment Manager Renews, Expands on East Side

RP Management, the investment manager for pharmaceutical royalties firm Royalty Pharma, has signed a 10-year lease renewal and expansion at Jack Resnick & Sons’ 110 E. 59th St. The new transaction, which increases the tenant’s footprint to about 30,000 square feet, brings the 612,000-square-foot Midtown tower to 100% occupancy.

Jack Resnick & Sons’ Brett Greenberg and Fran Delgorio represented the building owner in the transaction. There were no outside brokers for the tenant.

RP Management’s expanded commitment coincides with an ongoing, multimillion-dollar capital improvement program at the tower. Most recently, Resnick completed a transformation of the façade from its original brick to a high-performance, aluminum rain-screen system.

“We take pride in our hands-on management, and are always working to put smart capital back into our properties,” said Resnick president Jonathan Resnick. “We view this renewal and expansion as a vote of confidence in our efforts.”

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Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism.
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