Real estate investment firm Square Mile Capital is migrating south down Park Avenue and is roughly doubling its footprint, having signed a new lease for approximately 21,000 square feet at 350 Park Avenue, according to Crain’s New York Business.
The paper noted that the firm will occupy the entire 15th floor at the Vornado Realty Trust-owned property between East 51st and East 52nd Streets, and that the space is being subleased from Ziff Brothers Investments for rents in the $80s per square foot. The building, constructed in 1960, is 30 floors and includes 567,000 square feet.
Square Mile Capital is relocating from its current home at 450 Park Avenue between East 56th and East 57th Streets, where it occupies approximately 11,000 square feet.
Newmark Grubb Knight Frank’s David Falk and Peter Shimkin represented the firm in negotiations. NGKF declined to comment on the deal.
It wasn’t immediately clear who represented Ziff Brothers Investments in the deal, as the firm was not immediately available for comment.
Other tenants at 350 Park Avenue include China International Capital Corporation, AT&T Wireless, Fidelity Investments and Valley National Bank. Vornado Realty Trust purchased the property in 2006 for $542 million.