Investment, Real Estate Firms Ink Deals at 40 West 57th
By Abigail Nehring December 11, 2023 3:20 pm
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It’s the end of a round of musical chairs for office tenants at LeFrak’s 40 West 57th Street.
Stanley Druckenmiller’s investment management firm Duquesne Capital Management has renewed and expanded its office space, while real estate investment firm Silverpeak Real Estate Partners and global investment company Access Industries moved to direct deals in the 36-story Plaza District tower, according to landlord broker CBRE (CBRE).
Duquesne will move from 19,569 square feet on the 24th and 25th floors to 25,000 square feet on the entire 25th floor after signing an eight-and-a-half-year lease, according to a spokesperson for CBRE.
Asking rent was $105 per square foot, the spokesperson said.
The firm moved into the building in 2003, and its affiliate Duquesne Fund Services has also had a 5,535-square-foot office in the property since 2017, according to CBRE.
Meanwhile, subtenants of corporate restructuring firm AlixPartners moved to direct deals with LeFrak.
Access Industries signed a 10-year lease for 25,000 square feet on the entire 28th floor, which it has been subleasing from Alix since 2018, as CO previously reported. Access will switch to a direct deal for that space once its sublease with Alix ends in July 2024, according to a source with knowledge of the deal.
Asking rent on the 28th floor was $120 per square foot, the source said.
And Silverpeak signed a five-year lease for the 25,000 square feet it was subletting on the entire 29th floor from Alix, according to CBRE. Asking rent on the 29th floor was $115 per square foot.
Silverpeak has been in the building since 2015, according to a spokesperson for CBRE.
Alix left the building in 2015, when it moved its New York headquarters to 65,000 square feet at 909 Third Avenue, The Real Deal previously reported.
A spokesperson for Alix did not immediately respond to a request for comment.
CBRE’s Howard Fiddle, Gregg Rothkin, Benjamin Joseph, Evan Fiddle and Arkady Smolyansky brokered all three deals for LeFrak. John Nugent and Craig Reicher also of CBRE represented Duquesne.
Access was represented by Newmark (NMRK)’s Brian Goldman and Matthew Lorberbaum while CBRE’s Silvio Petriello arranged the deal for Silverpeak. Goldman, Lorberbaum and Petriello declined to comment.
In a statement, Fiddle said the West 57th Street building is “without a doubt one of the highest quality office buildings in the Plaza District” and tenants were attracted to the “plethora of amenities.”
In two smaller deals, international law firm Eisner took 20,750 square feet on the 20th floor of the building to relocate its New York office from 152 West 57th Street, and real estate investment platform Dealpath took 7,816 square feet on the second floor to relocate its headquarters from a flex-space operator on Sixth Avenue, according to CBRE.
Abigail Nehring can be reached at anehring@commercialobserver.com.
