Leases  ·  Office

Hedge Fund, Electromechanical Company Take Space at 106 West 56th Street

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A hedge fund and an electromechanical holding company inked deals at  106 West 56th Street, also known as The Six, Commercial Observer has learned.

Politan Capital Management signed a five-year lease for 3,482 square feet on the entire 10th floor, while Electra USA inked a 10-year deal for 2,492 square feet on the full 26th floor, according to landlord Savanna

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Asking rents at the property range from $90 to $186 per square foot, said CBRE (CBRE)’s Caroline Merck, who represented Savanna in both deals with colleagues Peter Turchin, Christie Harle and Brad Auerbach.

Politan, a hedge fund started last year by activist investor Quentin Koffey, plans to move into its first-ever offices in the summer of 2023, and was drawn to the property’s smaller floorplates that allowed it to have a full floor to itself, Merck said. 

“A lot of times tenants of this size — if they’re in a much larger typical office building — they share their floor with other tenants,” Merck said. “A lot of times they’re down a long corridor and they have to share a bathroom. But this building gives these high-end tenants the ability to control their own floor.”

Ben Friedland, Jason Pollen and Hannah Gerard, also of CBRE, represented Politan.

Electra USA —  which owns stakes in New York electrical companies — also scored its own floor at the penthouse of the 26-story property, and it didn’t hurt that Savanna promised to fully furnish it, said tenant broker Joseph Genovesi of Savills.

“They wanted to be in a new, top-flight, Class A building,” Genovesi said. “They certainly liked the idea that they could be on the top floor, and Savanna is a great landlord.”

It was not immediately clear if Electrica USA plans to relocate from its New York headquarters at 5 Columbus Circle or if it would keep its old space. A spokesperson for the company did not immediately respond to a request for comment.

Other tenants at the building between Seventh Avenue and Avenue of the Americas include real estate investment firms Arkhouse Management, Conti Texas Organization and CommonWealth Partners.

Celia Young can be reached at cyoung@commercialobserver.com.