Vornado Signs Private Equity Manager to Additional 28K SF at 888 Seventh Avenue
By Terence Cullen February 10, 2017 5:27 pm
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Lone Star Funds, a private equity firm, is expanding its foothold at Vornado Realty Trust’s 888 Seventh Avenue, according to Crain’s New York Business.
Now the firm, which has arranged $70 billion in funds since its inception 22 years ago, will occupy roughly 50,000 square feet at the 841,000-square-foot tower between West 56th and West 57th Streets.
Currently, the company leases about 22,000 square feet, making the expanded space about 28,000 square feet, Crain’s reported. Additional space at the building will be used for Lone Star’s offices as well as subsidiaries including its Hudson Advisors.
Lone Star’s rent will be in the mid-$80s per square foot, according to Crain’s. The lease is set to be about the same as the existing term the firm has, which expires in about 10 years, the publication reported.
Harly Stevens of CBRE represented Lone Star, while Jared Solomon of Vornado represented the landlord in-house. Both sides declined to comment via spokespeople.
In January 2016, national talent agency UTA signed a 43,087-square-foot deal for its New York City offices to occupy the entire seventh and pieces of the eighth and ninth floors. The move was a major jump for the Beverly Hills, Calif.-based agency, which previously occupied about 15,000 square feet in the building.
