In Continuing Trend, Funds Negotiate Sublease at One Bryant Park
Gus Delaporte May 2, 2013, 7:30 a.m.
Manikay Partners has signed a six-year sublease from Marathon Asset Management for 8,828 square feet at One Bryant Park, also known as the Bank of America Tower, it was announced this week.
“We surveyed the market and Manikay was primarily looking for something that was built already with a term of less than 6 years and this fell right into the sweet spot,” Dan Turkewitz, senior vice president at Jones Lang LaSalle, who represented the subtenant, told The Commercial Observer.
Manikay Partners, which focuses on opportunistic trading, arbitrage and investment, is currently headquartered in the Seagrams Building at 375 Park Avenue and will relocate to a portion of the 2.1 million-square-foot building’s 39th floor in the next few months. The sublandlord of the space, Marathon Asset Management, is a credit and fixed income investment manager with over $10 billion in assets under management.
As reported by The New York Observer, Marathon Asset Management signed a lease for 75,000 square feet across the 38th and 39th floors in 2007, before One Bryant Park opened. Asking rents were $115 per square foot, according to a source.
Marathon has been consistently subleasing space on both the 38th and 39th floors in recent years. Last year, TriOaks Capital Management, an alternative asset manager launched by Citadel veteran J.J. Berney, signed a deal to sublease 7,000 square feet from Marathon, also on the 39th floor.
At the same time, Avesta Capital Partners, another subtentant of Marathon’s, was in the process of winding down its operations. Manikay will occupy the former Avesta space, according to Mr. Turkewitz.
Alexander Chudnoff, executive managing director at Jones Lang LaSalle, represented the Marathon Asset Management in the transaction.
Manikay Partners declined to comment.