Ladder Capital Climbs to Eighth Floor
Jotham Sederstrom Oct. 14, 2011, 11:06 a.m.
Ladder Capital, a commercial real estate finance company, has moved in to its gleaming new 15,000-square-foot offices at 345 Park Avenue, the luxury Rudin family-owned skyscraper that houses the National Football League.
The finance firm, which until last week had occupied space at 600 Lexington Avenue, doubled in size.
Ladder Capital is building out an eighth-floor space at the landlord’s expense, said Charles Shamash, a broker at Norman Bobrow Co. who represented the tenant. The building, between 51st and 52nd streets, is home to corporate clients like KPMG, Bristol-Myers Squibb and the Blackstone Group. Asking rent on the 10-year deal was $75 per square foot, said Mr. Shamash.
Last July the NFL turned heads when it relocated to 345 Park with what were thought to be enticing tenant incentives. The football league, which previously occupied space at 280 Park Avenue, took five floors at the 44-story building for a total of 175,000 feet.
Prime Park Avenue space saw some of the most dramatic dips of any office leasing submarket in Manhattan during the post-Lehman slump, with effective rents plummeting from $118 per square foot to $59, according to The Wall Street Journal. Things are looking up for stable, stalwart landlords like Rudin, who can still afford juicy incentive packages for the right tenants. And it looks like Ladder Capital may have been one of those. Thomas Keating represented Rudin Management Company in-house.