Private Equity Firm Sagard Expanding Within 280 Park Avenue

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Private equity firm Sagard Holdings will relocate its New York City offices to a bigger space within 280 Park Avenue, Commercial Observer has learned.

The Montreal-based Sagard signed a nearly nine-year lease for 8,936 square feet on the top floor of the 29-story east tower in SL Green Realty Corp. and Vornado Realty Trust’s two-building complex between West 48th and West 49th streets, a source with knowledge of the deal said. Asking rent was $115 per square foot, the source indicated.

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Sagard was founded in 2005 by the Power Corporation of Canada with offices also in Toronto and Paris. It currently has its New York City outpost in about 7,000 square feet on the third floor of 280 Park, the source said.

Vornado handled the deal in-house via Edward Riguardi along with CBRE’s Gregg Rothkin. David Dusek of Cushman & Wakefield represented the tenant.

Spokespeople for CBRE, Vornado and C&W declined to comment.

Other tenants in the 1.3 million-square-foot complex include Cardinia Real Estate, Wells Fargo and Antares Capital.

Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.