9 West 57th Street Seals 3 New Leases With Finance, Real Estate Companies
By Rebecca Baird-Remba August 8, 2023 3:50 pm
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The Soloviev Group has nailed down three new office leases with financial and real estate firms at 9 West 57th Street, despite office leasing slowing to a crawl this year.
Mousse Partners, the investment firm for the family behind luxury fashion brand Chanel, decided to double its footprint and relocate within the building, according to The Real Deal, which broke the news on the leases. The family office opted to take 33,000 square feet on the entire 43rd floor, in a relocation from the 46th floor of the sloped 50-story tower.
The firm, which manages the wealth of Alain and Gérard Wertheimer, has shares in a number of beauty and food brands, including Beautycounter, Ulta Beauty and Cava, according to Bloomberg.
A spokesperson for the Soloviev Group did not return a request for comment or provide asking rent or lease lengths, but the average asking rent for Midtown was $77.05 per square foot in the second quarter, according to a Cushman & Wakefield report.
In the second largest deal, hedge fund PointState Capital leased 20,000 square feet on the 37th floor, TRD reported. The firm, which has about $5 billion in assets under management, is relocating from nearby 40 West 57th Street.
Finally, residential property manager Panco Management took 11,700 square feet on the 33rd floor, according to TRD. The outfit manages apartment buildings up and down the East Coast, with dozens of properties in South Florida, Eastern Massachusetts and the suburbs of Washington, D.C. and Philadelphia.
CBRE’s Howard Fiddle represented the landlord, and it wasn’t clear who brokered the deals for the tenants. A CBRE spokesperson did not immediately return a request for comment.
Skidmore Owings & Merrill designed the postmodernist highrise in the early 1970s for late developer Sheldon Solow, who reportedly preferred keeping the building half-vacant to lowering his rents. This latest collection of leases brings the building to roughly 90 percent leased, per TRD. Solow’s heir, Stefan Soloviev, was trying to finalize a deal to sell the 1.6 million-square-foot tower last year, TRD reported, but the sale has not materialized.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
