DTZ Parent Company Growing at Vornado’s 888 Seventh Avenue
Liam La Guerre July 6, 2015, 4:30 p.m.
Private equity investment giant TPG Capital is expanding and renewing at 888 Seventh Avenue, according to building owner Vornado Realty Trust.
The Texas-based company has signed a 10-year lease for 100,000 square feet, of which 20,000 square feet is new, at the 47-story tower between West 56th and West 57th Streets, said Jared Solomon, the vice president of leasing at Vornado who represented the landlord in the transaction. Neil Goldmacher and Josh Friedman of Newmark Grubb Knight Frank represented TPG in the deal.
Asking rent in the deal was $115 per square foot. TPG will assume space on floors 33 through 38 in the 880,000-square-foot building.
TPG has occupied 80,000 square foot which it grew to from 20,000 square foot a decade ago, according to Crain’s New York Business, which first reported the deal.
Offices aren’t the only thing TPG has been focused on expanding recently. TPG acquired Chicago-based real estate advisor DTZ last year, Cassidy Turley earlier this year and agreed to purchase Cushman & Wakefield for $2 billion in May, as Commercial Observer previously reported.
The building at 888 Seventh Avenue is two blocks from Central Park and adjacent to Carnegie Hall. It serves as the headquarters for Vornado, and other tenants in the building include Bill Ackman‘s hedge fund company Pershing Square Capital Management, Principal Global Investors and private equity firm Lone Star Funds. Retail tenants are Brooklyn Diner and Red Eye Grill.