Dwight Capital Inks 20K-SF Deal to Move to Hell’s Kitchen

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Real estate finance and investment firm Dwight Capital has signed a 20,000-square-foot lease at 787 11th Avenue, according to landlord The Georgetown Company.

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The finance firm will occupy a section of the 10th floor of the 10-story building, which is located between West 54th and West 55th Streets in Hell’s Kitchen. The asking rent in the 10-year deal was $85 per square foot.

“Dwight Capital recognized the tremendous opportunity that 787 Eleventh Avenue offers as a boutique building with large floor plates, high ceilings, spectacular views and an abundance of amenities,” said CBRE‘s Evan Haskell, who handled the deal for the landlord alongside colleagues Mary Ann TigheArkady Smolyansky, Ben Joseph and Ross Zimbalist.

The Georgetown Company is nearing the completion of a $100 million upgrade of the building designed by Rafael Viñoly. The redeveloped office building will feature modern spaces with oversized windows and a roof deck for tenants. (Part of the redevelopment involves adding the floor-to-ceiling glass ninth and 10th floors). 

“Beyond the best-in-class modern office space, the property also offers one-of-a-kind outdoor spaces, proximity to two parks and preferred memberships at the nearby Mercedes Club, all of which allow us to offer tenants a unique and exciting experience,” Jonathan Schmerin, the managing principal at The Georgetown Company, said in prepared remarks.

Dwight Capital will relocate in the second quarter of 2018 from 5,846 square feet at 250 West 55th Street between Eighth Avenue and Broadway in Midtown, as The New York Post first reported. Dwight Capital will share the top floor with Bill Ackman’s hedge fund and charity—Pershing Square Capital Management and The Pershing Square Foundation, respectively—which took 67,000 square feet on the ninth and tenth floors of the building, as CO reported last year.

“Dwight Capital is a great multi-dimensional company that has seen tremendous growth in recent years,” Savills Studley’s Daniel Posy, who represented Dwight Capital, said in a statement. “The brand new floor-to-ceiling glass structure that the landlord constructed on top of what was already a beautiful building will be an ideal home for Dwight as it continues to thrive.”