Equity firm takes floor in Paramount's 712 Fifth Ave.

London-based CVC Capital Partners, which operates the most extensive and longest-established team of any private equity group in Europe, has opened a Stateside office in Manhattan.

David Dusek, senior managing director of Studley, represented CVC in its 9,727 s/f lease for the entire 43rd floor at 712 Fifth Avenue owned by The Paramount Group, Inc.

"The trend for British and European private equity firms to secure footholds in New York is definitely on the rise," said Mr. Dusek, who added that two other private equity firms, 3i Group and BC Partners, both London-based, recently opened offices at 375 Park Avenue and 667 Madison Avenue respectively.

"As a leading global buyout shop, targeting US based companies, it is crucial for CVC be operational in the United States, in order to be competitive with such giants as Blackstone, KKR and TPG, among other private equity firms. 712 Fifth Avenue, situated squarely in the Plaza District, is exactly where CVC wanted to be located, in high-end offices with stunning panoramic Central Park views, in close proximity to its client base."

The 52-story 550,000 s/f 712 Fifth Avenue, which houses Henri Bendels flagship, is also home to an eclectic tenant roster, which includes Christian Dior, Canali, USA, Sonnenblick-Goldman, Elliott Associates, and NCH Capital.

Arthur Bocchi of Paramount acted in-house on behalf of the landlord in the transaction.

Jennifer Morgan Esq. at Kirkland & Ellis represented CVC, while Bernie Marasco Esq. Paramount's in-house counsel, represented the landlord.

Founded in 1981, CVC Capital Partners currently has $18 billion under management. The company has raised and managed over $24 billion in Europe and Asia, has acquired over 220 companies in Europe and operates an integrated European network of 12 offices. CVC Asia was formed in 1999 and operates a network of offices in Hong Kong, Seoul, Sydney and Tokyo.