RXR Asking Three-Figure Rents, Getting Answers at 1330 A of A
Jim Hanas May 16, 2011, 4:23 p.m.
1330 Sixth Avenue
There’s a certain fearful symmetry in putting “hedge fund” and “1330 Sixth Avenue” in one sentence. But it seems that both are having a moment.
Andor Capital Management, a technology hedge fund manager based in Greenwich, Conn., has signed a five-year deal to occupy a portion of the 5,875-square-foot 24th floor. Lloyd Desatnick of Jones Lang LaSalle represented the tenant.
Also, S.A.T. Investment FLP, an asset manager focused on automated trading, has signed a five-year lease for 5,715 square feet on the fifth floor in the same building. No outside brokers were involved, and RXR Realty was represented in-house for all transactions.
Recall, RXR bought the 40-story tower for $400 million last fall, after Harry Macklowe had lost it in 2009 to a unit of the Canadian pension fund. Despite the $30 million the developer spent renovating the Plaza district gem, rents plummeted to around $65 a foot. Now they’re back up around $100, The Commercial Observer has learned, and the tenants are looking quite pre-Lehman themselves.