Hedge Fund to Expand On West 57th Street
Tobias Salinger Nov. 5, 2014, 11:41 a.m.
Hedge fund manager and global alternative asset management firm the Och-Ziff Capital Management Group will expand into another West 57th Street skyscraper through a 16-year, 15,586-square-foot lease at Metropolitan Tower, Commercial Observer has learned.
The publicly traded American financial firm will grow its footprint to the entire ninth floor at L&L Holding Company’s 142 West 57th Street in January by adding the new digs to go with its current block of more than 100,000 square feet at the Solow Building Company’s 9 West 57th Street one block east, said David Berkey of L&L.
“The layout of the floor, plus the proximity to their offices at 9 West 57th Street” attracted the tenants to the new space, which carried asking rents of $65 per square foot, Mr. Berkey told Commercial Observer.
Mr. Berkey, his L&L colleague Andrew Wiener and Paul Milunec of CBRE represented the landlord in the transaction, while Alexander Chudnoff and Steven Rotter of JLL negotiated on behalf of the tenant.
The property between Avenue of the Americas and Seventh Avenue represents part of the 6 million square feet of commercial assets L&L has acquired since David Levinson and Robert Lapidus started the company in 2000, its website says.
Nielsen ratings company subsidiary Arbitron, human resources software company Ceridian, and financial firm the Macquarie Group currently operate out of spaces at the property two blocks south of Central Park in the Plaza District, the building’s website says.
Officials at JLL didn’t immediately respond to a request for comment.