Paul Singer’s Elliott Investment Takes 149K SF at 280 Park Avenue
By Mark Hallum July 3, 2024 2:53 pm
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Elliott Investment Management is planning an expansion of its New York City offices, even after moving its headquarters to Florida.
The company, run by billionaire hedge fund manager Paul Singer, signed a deal to take 149,000 square feet at SL Green Realty and Vornado Realty Trust (VNO)’s 280 Park Avenue. News of the lease was first reported in The Real Deal.
As part of the deal, Elliott will sublease 126,000 square feet on the sixth, seventh and eighth floors of the building from asset management company Franklin Templeton until Franklin Templeton’s lease runs out in 2031, TRD reported. It will then move to a five-year direct deal with the landlords.
Elliott also signed a separate, 12-year lease with SL Green and Vornado for 23,000 square feet on part of the sixth floor not already occupied by Franklin Templeton, according to TRD.
SL Green, Franklin Templeton and Elliott did not immediately respond to requests for comment while Vornado declined to comment.
Asking rent for the deal was unclear, but average asking rent in Midtown East in the second quarter of 2024 was $80.25 per square foot, according to a report from Avison Young.
Elliott, with $65.5 billion in assets under management and a staff of 570 people, maintains a New York City office of unknown size at LaFrak’s 40 West 57th Street. Four years ago, Singer moved the company’s headquarters to West Palm Beach, Fla.
The move to Park Avenue will help Elliott put its offices on adjacent floors, instead of the unconnected six floors it currently occupies at 40 West 57th, Bloomberg reported.
Newmark’s Neil Goldmacher and Chris Mongeluzo negotiated on behalf of Elliott Management while Robert Lowe of Cushman & Wakefield represented Franklin Templeton and Edward Riguardi and Alexandra Bedell handled it for Vornado in-house.
Newmark declined to comment while C&W did not immediately respond to a request for comment.
Other tenants in the building include private equity firm Antares Capital, which expanded its offices to 76,000 square feet in April, and investment bank PJT Partners, which boosted its footprint to 270,000 square feet in December 2023.
Mark Hallum can be reached at mhallum@commercialobserver.com.
