Orchard Hill Capital In Talks For Pricey Deal At Carnegie Hall Tower
Daniel Geiger March 28, 2012, 5:29 p.m.
Orchard Hill Capital is in negotiations to sign a high priced lease near the top of Carnegie Hall Tower. The hedge fund would take a little over 4,000 square feet for rents that could be over $100 per square feet, though the terms of the deal have not been hammered out according to sources.
The company will take space that is opening up on the 60-story office tower’s 41st floor after the relocation of the financial firm CQS LLC. CQS signed a lease in recent months to renew its lease at the property and expand and is taking the entire 40th floor, a 10,800-square-foot-space. The company paid rents in the triple figures to do the deal according to sources.
Orchard Hill will take the 4,234-square-foot space on CQS is leaving behind on 41, joining two other tenants that split the nearly 11,000-square-foot-floor.
The deal isn’t the only one in which a tenant in the 550,000-square-foot-building has been shifted around to create space for another tenant.
Firebird Management LLC, another boutique investment firm, just signed a deal for the entire 24th floor, a 10,325 square foot space. The company already occupied two thirds of the floor on a lease that was set to expire next year. Needing more space, it renewed for 10-years and added the remaining office unit on the floor. Matthew Leon, an executive at Newmark Knight Frank, and Chip Sealy, a top executive at TF Cornerstone, the real estate investment firm that owns Carnegie Hall Tower, oversee leasing at the property and together, the dealmaking duo made Firebird Management’s expansion possible by relocating a law firm that had space on the 24th floor.
“We keep good tabs with the tenants,” Mr. Leon told The Commercial Observer. “We’re always checking in with them to see what they’re planning and what they need so that we can get in front of requirements and deal with things in advance. We have sophisticated tenants who are very responsive to that who don’t wait to the last minute to take care of their space needs. Working at this building is incredibly creative.”
Ruth Colp-Haber, principal of the brokerage company Wharton Properties, represented Firebird Management in its deal. John Termini, an executive at CBRE, is representing Orchard Hill.