Leases  ·  Office

Daniel Loeb’s Third Point Expands to 89K SF at 55 Hudson Yards Pre-Occupancy


U.S. Securities and Exchange Commission-registered investment adviser Third Point may have leased 75,064 square feet at 55 Hudson Yards this past September, but the company has expanded its turf before even moving in, Commercial Observer has learned.

Third Point has just taken 13,979 square feet on part of the 49th floor at the Hudson Yards property, giving the Daniel Loeb-founded firm the top three floors, or 89,043 square feet, of the building, a source with knowledge of the deal told CO. The reason is the hedge fund “needs the physical plant for their operations,” the source said. The lease is for 11 years (including one year of free rent) and the asking rent was $150 per square foot.

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The firm’s September 2017 lease is for the same length of time, the source said. The company will be relocating from 390 Park Avenue, known as the Lever House, where it has 42,000 square feet, as CO previously reported. Third Point will likely move in the first quarter of 2019, following the completion of Mitsui Fudosan America, Related Companies and Oxford Properties Group’s 51-story 55 Hudson Yards on 11th Avenue between West 34th and West 35th Streets.

Other major tenants to sign deals in the building include law firms Boies, Schiller & Flexner and Milbank, Tweed, Hadley & McCloy, Intercept Pharmaceuticals, MarketAxess, as well as Point72 Asset Management and private equity firm Silver Lake.

JLL (JLL)’s Alexander Chudnoff and Dan Turkewitz represented the tenant in the deal. CBRE (CBRE)’s Howard Fiddle, Bob Alexander and Emily Jones represented Related along with Related’s Stephen Winter, Andrew Cantor and Andrew Vargas.

CBRE and Related spokeswomen didn’t immediately respond to a request for comment and a JLL spokesman didn’t immediately provide a comment.