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Aberdeen Standard Investments Restacks 712 Fifth Space
Savills recently completed a 27,372-square-foot lease extension for Aberdeen Standard Investments (ASI) at Paramount Group Inc.’s 712 Fifth Ave. It marked Savills’ seventh Americas transaction for ASI in the past 18 months.
With $735.5 billion in assets under management, ASI is the investment arm of Standard Life Aberdeen plc, created in 2017 from the merger of Standard Life plc and Aberdeen Asset Management PLC. The tenant needed to reconfigure its 712 Fifth space post-merger to accommodate growth.
“ASI had five years left on its lease and enjoyed a premier location and building, but the company’s workplace was no longer compatible with its business operations,” said Savills’ Daniel Horowitz. “By negotiating a comprehensive lease extension, ASI is able to remodel and upgrade its office now.”
Horowitz and colleagues Jeffrey Peck, Greg Soffian, Roi Shleifer and Jacob Stern represented ASI. Paramount was represented in-house by Peter Brindley, Doug Neye and Sean Kirk.
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