TriOaks Enters And Avesta Leaves One Bryant Park
A new hedge fund launched by a high profile investment manager has signed an over 7,000-square-foot lease at One Bryant Park.
TriOaks Capital Management, a firm launched by J.J. Berney, a former executive at the fund manager Citadel, is subleasing the space on the 51-story building’s 39th floor from the investment firm Marathon Asset Management.
TriOaks will take the roughly 30,000-square-foot floor’s southeast corner, which offers the building’s best views of nearby Bryant Park. The company is taking exactly 7,168 square feet for seven years in the deal for undisclosed rents, though space in the tower generally commands triple figure rents.
Avesta Capital Advisors, another fund that subleases space from Marathon on 39, meanwhile is in the process of unwinding its operations and is in the process of trying to sub-sublease its space, which totals about 8,000 square feet.
During the leasing market’s heyday before the downturn, Marathon Asset Management took about 90,000 square feet, floors 37 through 39, for over $100-per-square-foot rents in the 2.1 million-square-foot skyscraper, which was developed by the Durst Organization in recent years. When the recession hit however, the company ended up subleasing large portions of the space, including the entire 39th floor and portions of 38 as well.
Marathon’s lease with Durst stretches another seven years, allowing it to structure subleases for that period.
Daniel Madison, an executive at Newmark Grubb Knight Frank who specializes in handling leasing deals for boutique investment companies, represented TriOaks in the deal. A Jones Lang LaSalle leasing team led by executive Alex Chudnoff represented Marathon in the disposition of its space. Neither could be reached for comment.