Leases  ·  Office

Declaration Partners Takes Bigger Digs at 510 Madison Avenue


Investment firm Declaration Partners inked a deal to take bigger digs at 510 Madison Avenue, Commercial Observer has learned.

Declaration signed a six-year lease for 11,500 square feet on the entire 20th floor of Boston Properties (BXP)’ 30-story building between East 52nd and East 53rd Street, a source with knowledge of the deal said. Asking rent was in the $130s per square foot.

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The investment firm, which is backed by The Carlyle Group’s co-founder David Rubenstein, currently has a nearly 3,000-square-foot space on the 18th floor of 510 Madison Avenue, according to CoStar (CSGP) Group data. Declaration also has an office in Washington, D.C.

Newmark (NMRK) Knight Frank’s Brian Goldman and Matt Lorberbaum represented Declaration while Boston Properties handled the deal in-house. A spokesman for NKF declined to comment and a spokeswoman for Boston Properties did not respond to a request for comment.

The 335,598-square-foot 510 Madison Avenue was developed by Harry Macklowe in 2008 with the hopes of attracting hedge fund tenants, as CO previously reported. During the financial crisis, Macklowe struggled to fill the building — ending 2008 with just one deal signed — and fought to keep control of the property, the New York Times reported.

Boston Properties took over the property in 2011 for $287 million and found success leasing the space to hedge funds, the Times reported. Tenants include Point 72 Asset Management, Stone Ridge Asset Management and Senator Investment Group.