Private Equity Firm Hops Across Park Avenue in 55K-SF Deal
Terence Cullen Dec. 19, 2016, 4:17 p.m.
Antares Capital, a former subsidiary of GE Capital, has signed a 12-year deal to relocate along Park Avenue, Crain’s New York Business reported.
The private equity firm will occupy 55,000 square feet at Vornado Realty Trust and SL Green Realty Corp.’s 280 Park Avenue, Crain’s reported. Antares will occupy the 21st through 23rd floors on the western side of the 43-story property between East 48th and East 49th Streets.
Asking rent was in the $90s per square foot, according to Crain’s, which said Antares is slated to move into the 1.2-million-square-foot building some time in 2017.
Antares, which General Electric sold last year as it phases out GE Capital, is currently located across the street at 299 Park Avenue, according to Crain’s. GE Capital currently leases 114,682 square feet at the Fisher Brothers-owned property.
Paul Amrich, Neil King and Patrice Meagher of CBRE represented Antares in its lease at 280 Park Avenue. Andrew Ackerman of Vornado represented the landlord in-house along with Sam Seiler and Peter Turchin of CBRE. CBRE and SL Green declined to comment to Commercial Observer via a spokeswomen; a Vornado spokesman did not immediately return CO’S request for comment.
Vornado and SL Green have stocked the 48-year-old building with a number of investment-related firms. GIC, a Singaporese finance firm, signed a 49,724-square-foot lease in June 2015 at 280 Park Avenue, as Commercial Observer previously reported. Other major financial tenants are Franklin Templeton and PJT Partners.