Hedge Fund DE Shaw Renews Lease for Tower 45 Offices
The fund signed a 12-year renewal for its space on the entire 31st to 35th floors and 39th to 40th floors of the building at 120 West 45th Street between Avenue of the Americas and Seventh Avenue, according to landlord brokers Avison Young. Asking rent in the 40-story building is more than $85 per square foot.
D.E. Shaw was founded in 1989 and has been at Tower 45 since 2011, according to Avison Young. The hedge fund, which has $50 billion in investment capital, also has offices in Boston, London and Hong Kong.
Avison Young’s Arthur Mirante, Mitti Liebersohn and John Ryan brokered the deal for the landlord Kamber Management Company. Timothy Dempsey, Roger Griswold and Munish Viralam of CBRE (CBRE) represented D.E. Shaw. A spokeswoman for CBRE declined to comment.
“We were pleased to represent Steve [Levy, the head of Kamber] and Tower 45 on such a significant transaction, which was executed during an uncertain time in the market,” Ryan said in a statement. “This early renewal validates the commitment Kamber Management Company has made to the building through its multimillion-dollar capital program that has included upgrades to the building infrastructure, reimagined common areas and a new lobby.”
Kamber bought the 458,000-square-foot Tower 45 for $365 million from SL Green (SLG) Realty Corp. in 2015 then pumped $20 million into renovations, as CO previously reported. Other tenants in the property include software company Tibco Capital Management, hedge fund Opti Capital Management and finance lender Strategic Funding Source.