Alliance Capital Management L.P., New York, is joining the ranks of such companies as Chrysler Corp. and W.R. Grace & Co. - it now will have a Manhattan office building that bears its name.
The manager of $122 billion in separate account and mutual fund assets has entered into a 20-year lease agreement to assume an additional 250,000 square feet of office space at its headquarters at 1345 Avenue of the Americas. As part of the agreement with the building owners, the Alliance Capital name will replace the Burlington House lettering on the building's facade.
Alliance ultimately will increase its occupancy to 12.5 floors from 6.5 floors for a total of 500,000 square feet. The additional space will allow the firm to consolidate most of its New York City employees into a single location.
In 1986, when Alliance first occupied space in the building, the firm managed only $30 billion and had 150 of approximately 400 employees at the site. More than one-third of its 1,500 employees will be located in the building before year end.
