Hedge Fund Pharo Relocating to One Manhattan West
By Nicholas Rizzi December 20, 2019 1:49 pm
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A hedge fund plans to move its offices from Midtown to Brookfield Property Partners’ recently opened One Manhattan West, Commercial Observer has learned.
Pharo Management signed a 14.5-year lease for 20,024 square feet on part of the 56th floor, a source with knowledge of the deal said. The 67-story office tower sits on the corner of Ninth Avenue and 33rd Street. Asking rent was $130 per square foot, the source said.
The U.K.-based hedge fund — which also has an outpost in Hong Kong — currently has its Manhattan offices at 1370 Avenue of the Americas in Midtown and plans to move to One Manhattan West in the summer, according to the source.
Pharo was founded in 2000 by Guillaume Fonkenell and manages about $10 billion across four funds, according to its website. It made headlines this year when Bloomberg reported Pharo gave back $300 million it previously managed for Saudi Arabia’s central bank, Saudia Arabian Monetary Authority, following the murder of Washington Post journalist Jamal Khashoggi.
Brookfield’s Jerry Larkin, Duncan McCuaig and PJ Massey handled the deal in-house along with Bruce Mosler, Josh Kurloff, Rob Lowe, Ethan Silverstein and Matthias Li of Cushman & Wakefield (CWK).
Newmark (NMRK) Knight Frank’s Brian Goldman and John Moran represented Pharo.
A spokeswoman for Brookfield did not immediately respond to a request for comment. Spokespeople for C&W and NKF declined to comment.
Brookfield opened the 2.1-million-square-foot One Manhattan West in November, the first part of its eight-acre Manhattan West development. When completed, the complex will have 6 million square feet of office space, 844 rental units and the Pendry Manhattan West hotel.
