CRE Platform Hanover Street Capital Relocates Along Billionaires’ Row
By Rebecca Baird-Remba February 7, 2024 12:11 pm
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Hanover Street Capital, a commercial real estate platform that provides services for Deutsche Bank, is relocating its offices to Empire State Realty Trust’s 250 West 57th Street in Midtown, the landlord told Commercial Observer.
The asset management and lending firm will move to 12,622 square feet in the Billionaires’ Row office tower between Broadway and Eighth Avenue, according to ESRT. Hanover Street signed a 10-year lease, and asking rent for the space in the 26-story, 542,000-square-foot building was in the low $70s per square foot.
Hanover Street will relocate from nearby 156 West 56th Street between Avenue of the Americas and Seventh Avenue, ESRT said.
Chase Gordon of Transwestern represented Hanover Street Capital. He noted in a statement that the building’s proximity to the firm’s clients make it “a great fit as Hanover Street Capital’s long-term home.”
Paul Amrich, Alexander Golod, Neil King and Anthony Manginelli of CBRE along with ESRT’s Jordan Berger brokered the deal for the landlord. Spokespeople for Transwestern and CBRE didn’t immediately return requests for comment.
“We were drawn to 250 West 57th Street for its unbeatable location and our high-end, prebuilt space that is move-in ready,” Sunil Madan, the chief operating officer of Hanover Street Capital, said in a statement. “We are thrilled to partner with Empire State Realty Trust and look forward to joining the building’s community.”
Most of the tenants in the building are music-related, including record label conglomerate Universal Music Group, nonprofit music licensing outfit ASCAP, Brookside Artist Management and music rights manager SESAC. In terms of non-music tenants, CookFox Architects has offices on the 17th floor.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
