Dan Loeb’s Hedge Fund Inks Deal for Over 75,000 Square Feet of Trophy Office Space as the Far West Side is still Scorching Hot!
Daniel Loeb’s hedge fund, Third Point LLC, has just signed a 75,064 square foot lease to move their headquarters from the most prestigious corridor on Park Avenue to Manhattan’s far west side. With $18 billion under management, the firm decided to splurge on the top three floors of 55 Hudson, the brand new 51-story trophy skyscraper. The joint venture between Mitsui Fudosan America, Related Companies and Oxford Property Group, will be home to a multitude of big name tenants, including Steve Cohen’s family office, Point72 Asset Management, Silver Lake, Intercept Pharmaceuticals, and MarketAxess. The building, which is expected to be ready for occupancy in 2018, will be chock-full-of-amenities, including floor-to-ceiling windows, extra-high ceilings, multiple outdoor spaces and incredible views of the Hudson River. According to the reports, the asking rent was between $130 and $140 per square foot.
Third Point will be leaving behind 42,000 square feet at RFR Realty‘s 390 Park Avenue, also known as The Lever House. The demand for workspace at Hudson Yard’s has been insatiable, as large-block users continue to opt for brand new construction over the majority of the antiquated Midtown office buildings.
For additional details on the deal please click here.