Private Equity Firms Head to One Vanderbilt, While Oak Hill Advisors Expands
SL Green Realty Corp. announced a slew of new office leases yesterday at One Vanderbilt, 100 Park Avenue and 810 Seventh Avenue, coinciding with the release of its quarterly earnings.
At One Vanderbilt, private equity firms InTandem Capital Partners and Sagewind Capital LLC jointly signed a seven-year lease for 10,165 square feet on the 10th floor of the 67-story building. Asking rent in the deal was $125 a square foot. Oak Hill Advisors also expanded its existing 15-year lease by 23,848 square feet to 69,802 square feet across the 15th and 16th floors. Asking rent for its new space was $135 a square foot. The company originally inked a deal to occupy 45,954 square feet on the entire 16th floor last October.
Robert Alexander, Ryan Alexander, Emily Jones and Alex D’Amario of CBRE represented SL Green in both deals. Lloyd Desatnick of JLL represented InTandem Capital Partners and Sagewind Capital in their deal, and Lance Korman, Brian Waterman and Jared Horowitz from Newmark Knight Frank handled the expansion lease for Oak Hill Advisors.
In Midtown, coworking operator HQ Global Workplaces renewed its 27,825 square foot lease on the entire 16th floor at 100 Park Avenue, between East 40th and 41st Streets near Grand Central. Asking rent in the five-year deal was $72 a square foot.
Then finally, flexible office provider Convene renewed 23,362 square feet on part of the 22nd and all of the 23rd floors at 810 Seventh Avenue, between West 52nd and West 53rd Streets in Midtown West. Asking rent in the five-year lease was $70 a square foot.
“2020 leasing activity continues albeit at a slower pace in the current environment,” said Steven Durels, SL Green’s director of real property and leasing. “Tenants are re-assessing per employee space allocations with an eye toward de-densifying and providing more space per employee.”