KKR increases Manhattan footprint

The buyout firm has leased the eighth floor of the Crown Building, an historic Fifth Avenue skyscraper, for ‘certain administrative functions’.

Kohlberg Kravis Roberts has signed a 10-year lease for approximately 20,700 square feet of prime midtown Manhattan office space at 730 Fifth Avenue, near the corner of West 57th Street.

The address is home to the Crown Building, a skyscraper noted for its ornate tower. The building dates to 1916, was the first location for the city’s Museum of Modern Art and was once owned by Ferdinand and Imelda Marcos, according to a February 1991 New York Times article.

Located just a few blocks from KKR’s West 57th Street headquarters, a KKR spokesman said the new space will be used to house “certain administrative functions” and declined to comment further.
KKR has recently been expanding its internal infrastructure. Last week it announced three appointments intended to further bolster the private equity firm’s back office and in-house resources: Former Simpson Thacher & Bartlett partner was named general counsel; ex-Goldman Sachs human resources executive Robert Gottlieb was named chief human resources officer; and Edward Brandman, formerly of PriceWatherhouseCooper’s advisory services group, joined KKR in August as chief information officer in charge of “global technology and information strategy to support financial reporting, transactions and capital raising,” according to a statement.

The changes come as KKR prepares to publicly float a portion of its management company, reportedly in the first half of 2008.