Firms ink penthouse deals.

The sky's the limit for two high-profile tenants who have, in separate transactions, signed on for penthouse premises with 'to die for' views in two leading Midtown Class-A skyscrapers.

OZF Capital, soon to be named Cyrus Capital, a hedge fund with over $1.2 billion under management, has signed a 20,400 s/f nine-year sublease for the top two floors (20 and 21) at 390 Park Avenue, formerly known as The Lever Building, but now owned by RFR Realty LLC. Led by Steve Freidheim, the company was situated before at 9 W. 57th Street. The sublessor is Unilever.

The law firm of Brown Rudnick Berlack & Israel LLP, also in pursuit of top floor space, just committed to the 47th and 46th floors as well as other options totaling over 50,000 s/f at Boston Properties' Times Square Tower (aka 7 Times Square). The 15-year lease represents a significant expansion for Brown Rudnick, formerly based at 120 W. 45th Street.

CBRE's Scott Pudalov, Alan Wildes, and Gary Kamenetsky arranged both transactions. The team represented tenant Cyrus Capital in the 390 Park Avenue deal, while John Cefaly and Don DiRenzo Jr. of Cushman & Wakefield acted for Unilever.

At Times Square Tower, the above team brokered the deal for Brown, while CBRE's John Powers, Peter Turchin, and Timothy Gibson represented Boston Properties.

According to Mr. Pudalov, "To parallel Cyrus Capital's high-profile market presence as one of the nation's top hedge funds, we sought space that would reflect that image. The top floors at 390 Park Avenue, with exceptional views and an abundance of light, complement the company's stellar reputation."

"Due to the recent increased interest in unique penthouse office space, it was essential that the tenant be decisive about committing to the premises," added Mr. Kamenetsky. "The tenant, the brokers for the sublessor and the landlord all worked quickly and cooperatively to conclude the transaction, even though subleases can typically take longer to arrange than direct deals."

Mr. Wildes noted, "Brown Rudnick recognized the inherent value of space efficiency, amazing views, and the latest building technology that Boston Properties had employed at 7 Times Square. Furthermore, the landlord went out of their way to accommodate Brown Rudnick's continuing expansion strategy."

Times Square Tower, now 90 percent leased according to Mr. Turchin, is a 1.2 million-square foot tower with a number of other law firm tenants including O'Melveny & Myers; Heller, Erhman, White McAuliffe; Condon & Forsyth, and Pitney Hardin, Kipp and Szuch LLP, among others.

Built in 1951 as the original headquarters for Lever House, 390 Park Avenue is a 290,000 s/f building also home to Alcoa, Thomas Weisel Partners, and Unilever United States Inc., to name a few.