Napier Park Leaves Citigroup HQ for 280 Park Avenue



280 Park Avenue.
280 Park Avenue.

Napier Park Global Capital, an independent alternative asset management firm, has signed a new lease at 280 Park Avenue.

SEE ALSO: Hedge Fund Citadel Subleases 24K SF at 520 Madison Avenue [Updated]

Napier took  a 10-year lease for 25,000 square feet in the 43-story Class A building located between 48th and 49th Streets, according to Newmark Grubb Knight Frank, which represented the tenant in the deal.

“The new space has been built out specifically to accommodate our needs as a growing business,” Michael Williams, chief operating officer at Napier Park, said in a statement. ”The combination of location, purpose-built space and attractive lease terms make this a great move for Napier Park.”

Napier will leave its current headquarters inside Citigroup’s world headquarters for 399 Park Avenue later this summer. The Real Deal first reported news of the move.

Asking rent for the space was $90 per square foot.

NGKF’s Neil Goldmacher, Josh Friedman and Daniel Madison represented Napier in the deal. Mr. Friedman declined to comment and the other two didn’t immediately respond to a request for comment. CBRE represented the landlord, SL Green Realty and Vornado Realty Trust. CBRE didn’t immediately respond to a request for comment.

Napier Park was previously the hedge fund component of Citigroup; it was spun off and became an independent firm last year. Napier maintains offices in New York, London, Switzerland and Dubai.

Other tenants in 280 Park Avenue include Blue Mountain Capital and Promontory Financial Group.