Leases  ·  Office

Marathon Asset Management Gets Right-Sized at One Bryant Park


New York-based global investment adviser Marathon Asset Management thought big—perhaps too big—when it signed a lease at One Bryant Park nine years ago. The company, in which Blackstone Group purchased a minority interest last June, leased the entire 36,675-square-foot 38th floor and the 37,987-square-foot 39th floor in the West 42nd Street property, and from the get-go subleased out the latter, according to Thomas M. Bow of Durst Organization, the property’s owner.

The original leases in the 51-story Bank of America Tower at West 42nd Street were slated to expire on Aug. 31, 2018, according to Bow. Marathon decided to finally shed the 39th-floor space and remain on the 38th floor for 10 years, signing an early renewal for the former last week.

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Bow and Durst’s Rocco Romeo worked on behalf of the landlord in-house. JLL’s Alexander Chudnoff and Dan Turkewitz represented the tenant in the deal. A spokesman for JLL didn’t immediately respond with a comment.

Bow noted that Durst hasn’t had a floor available on a direct basis in the building “for a very long time” and he anticipates “going to the market for the 39th floor at $150 per square foot.”

Durst leased 8,900 square feet on three levels to Burger & Lobster, as CO reported a year ago, and 7,168 square feet on the 39th floor to Melkonian Capital Management, as CO noted two years ago.