Capital Group has committed to a new long-term office lease at 345 Park Avenue in Midtown Manhattan’s Plaza District, expanding its footprint in New York City while keeping its existing location at 399 Park Avenue. The global investment manager will lease the entire fourth floor of the Rudin-owned tower, taking 70,400 square feet under a 10-year agreement. The firm is expected to relocate into the new space in the fall of 2027.
Founded in 1931, Capital Group has grown into one of the world’s largest active global investment managers. According to the company, it now oversees $3.6 trillion in assets on behalf of millions of wealth management and institutional clients worldwide. Its operations span 34 offices around the globe, employing more than 9,000 people across investment, research, and support functions.
The lease at 345 Park Avenue adds to Capital Group’s established presence in the Plaza District, where it will continue to occupy its current space at 399 Park Avenue. The decision to maintain its existing premises while adding a full floor at a nearby tower underscores the firm’s ongoing space needs in New York City. The Plaza District location places the firm in a prime Midtown Manhattan corridor known for its concentration of major financial and corporate tenants.
Michael Rudin, co-chief executive officer at Rudin, highlighted the characteristics that the landlord believes differentiate 345 Park Avenue in the competitive Midtown office market. He cited the property’s location, its large floor plates, and planned amenity enhancements as features that help position the tower as a best-in-class asset within the Plaza District. Rudin also noted that the building’s offering aligns with Capital Group’s continued growth in the neighborhood and its broader commitment to New York City.
Leasing representation for the transaction involved both in-house and third-party brokerage teams. Robert Steinman, senior vice president of office leasing, represented Rudin internally on the landlord side. Capital Group was represented by a CBRE team that included Chris Mansfield, Frank Scott, David Opper, Zachary Weil, Eddie Sisca, and Trevor Larkin. The agreement further reinforces Plaza District activity among large financial services and investment management tenants seeking sizable, contiguous office space in Midtown Manhattan.
