Financial Firm Leaves the Far West Side for the East Village
Investment management firm CBAM Partners is abandoning Hudson Yards for the East Village.
The company, which is just over a year old and has $6 billion under management, recently leased the 25,400-square-foot penthouse on the 12th floor of 51 Astor Place, according to The New York Post. CBAM will leave 5,992 square feet on the 41st floor of 10 Hudson Yards and move Downtown in March, according to information from CoStar Group. The terms of the lease weren’t disclosed.
Jeffrey Sussman represented building developer Edward J. Minskoff Equities in-house in the deal, and CBRE’s Evan Fiddle and Michael Movshovich represented CBAM.
A CBRE spokeswoman declined to comment on the deal, and Sussman did not return a request for comment. CBAM didn’t immediately return a request for comment.
Other tenants include IBM’s Watson Division, St John’s University, Mail Online, Bluestone Lane, Flywheel Sports and Tudor Investment.
Designed by Fumihiko Maki, the 12-story, 400,000-square-foot 51 Astor Place was finished in 2013 on a wedge-shaped site between Third Avenue, Astor Place, Fourth Avenue and East Ninth Street. Minskoff paid $97 million to lease the property for 99 years in 2008 and later personally contributed $159 million of the project’s estimated $300 million development cost, according to The New York Times.