Andrew Chung’s IPG Management, the new real estate investment fund he started after leaving the Carlyle Group, will be setting up shop at Principal Real Estate Investors’ 1370 Sixth Avenue.
Newmark Grubb Knight Frank brokered the lease deal for 4,676 feet on behalf of IPG and the asking rent was $82 per square foot at the 35-story, 348,040-square-foot building.
CBRE’s Paul Amrich and Jackie Marshall brokered the deal on behalf of the landlord and Jared Horowitz and Justin Pollner of NGKF represented IPG, the Observer reported.
Vince Camuto Shoes, Steve Madden and the Miss Universe Organization are also tenants, according to Costar Group.
Chung left the Carlyle Group eight days after being promoted to partner and branched out on his own. His firm, in a partnership with Artemis Real Estate Partners, bought a 15,500-square-foot retail condo at 202 Canal Street in August for $44 million. It’s Chung’s first major deal since setting out on his own. [NYO] — Dusica Sue Malesevic