Private Equity Firm Antares Expands to 76K SF at 280 Park
By Lois Weiss April 15, 2024 1:00 pm
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Private equity firm Antares Capital has renewed and expanded its offices at 280 Park Avenue to 76,000 square feet across the entire 20th through 23rd floors, Commercial Observer has learned.
The asking rent was $110 per foot and the renewal and expansion floors’ lease will expire in 2034, according to sources with knowledge of the deal.
Antares had been in 55,000 square feet on the 21st through 23rd floors at Vornado Realty Trust (VNO) and SL Green (SLG) Realty’s 280 Park, after it moved from the nearby 299 Park Avenue.
In the new deal, Antares will take over the 20th floor previously occupied by investment manager Cohen & Steers, which moved to 1166 Avenue of the Americas in 2022.
Antares was represented by Michael Sessa and Michael Movshovich of Cushman & Wakefield (CWK), sources said. The joint venture ownership handled it in-house by David Kaufman of SL Green and Ed Riguardi of Vornado along with a CBRE (CBRE) team led by Peter Turchin.
The brokerages and owners either declined to comment or did not return requests for comment.
SL Green and Vornado spent $150 million renovating the 1.2 million-square-foot property, which they bought for close to $500 million in 2011.
The joint venture has had its ups and downs, and the two real estate investment trusts recently clashed over deciding whether to expand other tenants versus bringing in the larger Citadel.
Another large tenant in the property, Franklin Templeton Investments, will soon relocate and expand to 347,000 square feet at SL Green’s One Madison Avenue.
The venture also suffered a setback when the long-heralded relocation of the Four Seasons restaurant from Seagram Building to 280 Park ended up a bust as the eatery never got its mojo back.
Since then, the space has been occupied by the acclaimed Italian restaurant Fasano.
