A London-based research firm for hedge funds and private equity has doubled the size of its New York City office in a move across Midtown.
Third Bridge has signed a lease for 25,261 square feet at the 1.3-million-square-foot 1411 Broadway between West 39th and West 40th Streets, according to a press release from its brokerage Savills Studley. That’s quite a bit bigger than the 12,841 square feet it currently leases at 260 Madison Avenue between East 38th and East 39th Streets.
Asking rent in the 1411 Broadway deal was $78 per square foot, the release indicates. Third Bridge will move into the 31st floor of the 40-story building in June. The lease is for seven years, according to CoStar Group.
Third Bridge has grown to 100 employees from just 10 employees in 2012, according to The Wall Street Journal, which first reported news of the deal.
Evan Margolin and Lance Leighton of Savills Studley represented Third Bridge, while Paul Amrich, Patrice Meagher and Neil King of CBRE represented the landlord, Callahan Capital Properties, which owns the building with The Swig Company and Ivanhoé Cambridge. The CBRE brokers declined to comment via a spokeswoman.
“Ultimately, Third Bridge was looking for a space that would support its highly successful business operations,” Mr. Margolin said in prepared remarks, “but also encourage employees to collaborate, have fun in the office and build relationships internally.”