Leases  ·  Office

Hedge Fund Relocating Across the Street to 11 Times Square


SIR Capital Management, a hedge fund founded in 2008, will relocate its headquarters from The New York Times Building across the street to 11 Times Square, Commercial Observer has learned.

The hedge fund signed a 10-year lease for 9,348 square feet for part of the 34th floor of the 40-story office tower at 640 Eighth Avenue between West 41st and West 42nd Streets, according to SJP Properties, which owns the building with PGIM and Norges Bank.

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A spokesman for SJP would not provide the asking rent, but a source with knowledge of the deal said it was nearly $100 per square foot.

SIR plans to relocate from its 9,100 square feet on the 22nd floor of The New York Times Building in April when its lease expires.

Dan Madison and William Levitsky of Newmark (NMRK) Knight Frank brokered the deal for SIR while SJP’s Zachary Freeman handled it along with a JLL team of Paul Glickman, Diana Biasotti, Dan Turkewitz, Ben Bass and Kristen Morgan. Spokespeople for NKF and JLL did not immediately respond to requests for comment.

“SIR’s move to 11 Times Square allows it to stay within one of Midtown’s most accessible neighborhoods,” Steven Pozycki, the CEO of SJP, said in a statement. “Our team looks forward to designing and delivering a modern, state-of-the-art workplace for SIR reflective of its impressive corporate image and clientele.”

Other tenants in the 1.1-million-square-foot 11 Times Square include E-Trade, Microsoft (MSFT) and Bank of America (BAC).