One of Ziff Brothers Relocating to Establish Own Firm at 285 Madison
Lauren Elkies Schram July 6, 2015, 3:45 p.m.
Now that the Ziff brothers have closed their last hedge fund, one member of the trio is leaving the company’s offices at 350 Park Avenue and establishing his own business at 285 Madison Avenue, Commercial Observer has learned.
Dirk Ziff‘s Ziff Capital Partners is taking 18,242 square feet amassing the entire 20th floor at RFR‘s 285 Madison Avenue between East 40th and East 41st Streets, a broker with intimate knowledge of the deal said.
Ziff Brothers Investments shut down its London fund more than a year ago after making other company closures.
Mr. Ziff’s 285 Madison Avenue lease is for 10 years and 11 months with an asking rent of $78 per square foot, the source said. Warburg Realty‘s Herbert Chou represented Ziff in the deal. JLL‘s Alexander Chudnoff, Mitchell Konsker and Dan Turkewitz represented RFR along with RFR’s A.J. Camhi.
Mr. Chou didn’t respond to a request for comment and nor did the JLL brokers via a spokesman. RFR declined to comment.
RFR bought the building at the end of 2012 for $189.3 million, property records indicate. Greylock Capital Management is a tenant in the building. As CO reported last month, The Benjamin Group, which also owns Benjamin Steakhouse and Sea Fire Grill, inked a 16-year deal to open a yet-to-be-named restaurant at 285 Madison Avenue. RFR is also adding London-based Taylor Street Baristas to 285 Madison Avenue for the coffee brewer’s first location in the U.S.