Davidson Kempner Moves HQ to 96K SF at 9 West 57th Street
By Abigail Nehring October 24, 2023 2:03 pm
reprints
The Soloviev Group has squared away a nearly triple-digit deal at 9 West 57th Street.
Global hedge fund Davidson Kempner Capital Management took 96,270 square feet on the entire 24th, 28th and 29th floors of the 50-story Midtown tower overlooking the Plaza Hotel, according to brokers on the deal.
The firm will pack up its current headquarters at 520 Madison Avenue, just four blocks away from its new address on the other side of Fifth Avenue.
Davidson Kempner’s latest move is an expansion from its current 81,000-square-foot offices at 520 Madison, according to a broker on the deal. The building has been its home since 2016, Commercial Observer previously reported. Brokers declined to share the exact length of the new lease, but said it was longer than 10 years.
Asking rent was $180 per square foot on the 28th and 29th floors and $130 per square foot on the 24th floor, according to The Real Deal, which first reported the lease.
Davidson Kempner — which turns 40 this year — also has offices in London, Hong Kong, Dublin, Philadelphia, Shenzhen and Mumbai. It has $38 billion in assets under management, according to its website.
CBRE (CBRE)’s Ben Friedland, Chris Corrinet and Chris Hogan arranged the deal for Davidson Kempner while Howard Fiddle, Robert Stillman, Gregg Rothkin, John Maher, Alex Leopold and Tara Rhodes represented the owner.
“It’s a revalidation of the prominence of this building,” Maher said. “It really does continue to establish the property. It’s got spectacular views of Central Park to the north, a great floor plate, and a perfect location.”
Maher added that David Kempner’s move confirms what he’s long been hearing about today’s office market — that “the best tenants want the best space.”
“They’re leaving one great building for another great building,” Maher said.
The travertine-clad tower was developed in 1972 by Sheldon Solow, who continued to manage the building until his death in 2020 when it was taken over by his son, Stefan Soloviev. Rumors that the younger Soloviev was planning to sell the property last year fizzled out, with no deal materializing, and he instead got to work on filling the 1.6 million-square-foot property.
Mousse Partners, an investment vehicle for Chanel; hedge fund PointState Capital; and property manager Panco Management also signed deals for space in the building this year. Davidson Kempner’s lease brought the property to nearly 100 percent occupied, according to TRD.
Abigail Nehring can be reached at anehring@commercialobserver.com.
