Hedge Fund Star James “Jos” Shaver Signs 599 Lexington Lease
By Daniel Geiger September 12, 2012 11:29 am
reprintsA spin-off boutique investment fund started by James “Jos” Shaver has leased space in 599 Lexington Avenue sources say.
Mr. Shaver and associates departed the giant hedge fund SAC Capital earlier this year according to written reports, after incubating ventures at the firm, including Electron Capital and Intrepid Capital.
Electron, which is involved in equity investments in energy and infrastructure, will now operate out of the new space, a roughly 4,200-square-foot office on the northwest corner of the 38th floor in the building.
The lease fills the 17,000-square-foot floor, which 599 Lexington Avenue’s owner Boston Properties (BXP), had broken into four high end pre-built units and marketed to small financial companies.
Cogent Partners, an investment banking firm, signed a 4,553 square foot deal for a portion of the space in July. Earlier this year, Istithmar, the Dubai investment firm that infamously invested in several large real estate deals that went bust during the economic downturn, took a roughly 4,300 square foot unit on the floor and Atreaus Capital, a hedge fund that had previously incubated at the British bank Barclays, also signed on for nearly 4,600 square feet.
The deal with Mr. Shaver’s Electron Captial was likely for rents in the $80s per square foot.
Daniel Madison, an executive at Newmark Grubb Knight Frank who specializes in hedge fund and boutique financial firm leasing, represented Electron in the lease.
A leasing team from CBRE led by Ben Friedland, Steve Winter and Sacha Zarba, were the agents for the space, representing Boston Properties in the deal.
