Hedge Fund Moves Across Madison Square Park


Sandglass Capital Management has signed a three-year lease for 1,100 square feet on the eighth floor of Kaufman Organization’s 27 West 24th Street property. The emerging markets hedge fund will relocate from nearby 41 Madison Avenue.

The tenant was founded in 1995 and also operates an office in Moscow, Russia. The firm wanted to relocate because it is growing and needs more space, according to The Wall Street Journal, which first reported the lease. Asking rent was in the high-$50s per square foot.

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27 West 24th Street. (27West24.com).
27 West 24th Street. (27West24.com).

The Kaufman Organization acquired the 11-story building at 27 West 24th Street for $55.5 million in late 2012. The landlord has invested $2.5 million in capital improvements, including a renovated façade and lobby and upgraded elevator cabs. The building is now 95 percent leased.

Ian Norris and Andrew Margolin represented the landlord in-house in the leasing transaction. Lidice Mendoza of Rice and Associates represented the tenant.

Mr. Norris did not immediately return requests seeking further comment. Ms. Mendoza could not immediately be reached.