Fir Tree Partners Inks First Major Office Space Deal at Tower 46

October 20, 2015

Lance Leighton

Co-Founder – HedgeFundSpaces.com
Senior Managing Director, Savills
New York State Licensed Real Estate Salesperson

Call 212-326-8668

Hedge Fund Taking on Office Space at SL Green’s 55 West 46th Street

The average age of an office building in Midtown Manhattan is nearly 60 years old.  Accordingly, finding a brand new, state-of-the-art office tower in the most desirable location of Manhattan (for hedge funds) can prove to be a challenge.  That being said, 55 West 46th Street, currently known as Tower 46 and previously The Gem Tower, is perhaps one of the best alternatives for office tenants in Midtown seeking brand new construction with all the bells and whistles of modern office buildings.

Completed in 2013, Tower 46 is a LEED Certified, state-of-the-art asset with glass curtain-wall construction, column-free floorplates, floor-to-ceiling windows, extra-high slab heights and spectacular city views from the tower floors.  Though the building has faced some challenges (it is priced significantly higher than its surrounding neighbors and located alongside a highly stigmatized neighborhood- The Diamond District), the sparkly tower offers tremendous bang-for-the-buck in comparison to other newly constructed Class A office buildings in Midtown.  As a matter of fact, the majority of the competing assets that were constructed after 2008 are very well leased (i.e. 510 Madison Avenue, 250 West 55th Street, One Bryant Park, 11 Times Square, etc.), and there are few other alternatives that offer the same sort of finishes that only new construction can provide.

After several years of lying vacant (originally by Extell Development and most recently by SL Green), the glistening glass and steel tower has finally inked a deal with the notable hedge fund, Fir Tree Partners.  Fir Tree will occupy the entire 28th and partial 29th floors, encompassing about 31,000 square feet in the building.  Relocating from CIT’s 505 Fifth Avenue, the hedge fund is no stranger to new construction, as it was one of the first tenants there as well.  Besides never being occupied and the benefits of new construction, the building also features a tenant-only fitness center and close proximity to all of the major transportation hubs.

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