Fairstead Capital Relocating Its Offices to 250 West 55th Street
By Terence Cullen January 27, 2017 3:04 pm
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Real estate investment firm Fairstead Capital has inked a deal to relocate to Boston Properties’ 250 West 55th Street between Broadway and Eighth Avenue, according to a press release from CBRE.
The company will take 15,050 square feet on part of the 35th floor of the 989,000-square-foot building, according to CBRE, which represented both sides in the deal. The lease is for 10 years. Asking rent in the transaction was not immediately available.
Currently Fairstead Capital is based a few blocks away in Carnegie Hall Tower at 152 West 57th Street, according to its website. It wasn’t immediately clear how much the company leases at the building between Avenue of the Americas and Seventh Avenue.
CBRE’s Taylor Scheinman and Stephen Siegel, also an investor at Fairstead Capital, represented the tenant, while colleagues Christie Harle, Caroline Merck, Sam Seiler and Peter Turchin represented the landlord.
“We are happy to add Fairstead Capital to the terrific tenant roster at 250 West 55th Street,” Turchin said in a statement via a spokeswoman. “With the close of this deal, we have only one full floor remaining in the building.”
Finance and investment firms are no stranger to the Midtown tower. In January 2016, Sachem Head Capital Management signed a 14,542-square-foot lease at the property, as Commercial Observer previously reported. Commercial mortgage banking and investment firm Dwight Capital leases 5,800 square feet on the 30th floor.
Shuttered news channel Al Jazeera America was once slated to 85,000 square feet at the four-year-old property in a lease running into 2035. But stateside operations for the Qatari news service ended last year, leading the company to vacate a chunk of 250 West 55th Street. Al Jazeera wound up paying $45 million to Boston Properties for the abandoned lease, as CO reported in February 2016.
