Balyasny Asset Management Expands to 164K SF in General Motors Building
By Mark Hallum November 18, 2024 12:45 pm
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Dmitry Balyasny’s hedge fund Balyasny Asset Management is more than doubling its space in the General Motors Building.
The company signed an expansion and renewal for 164,000 square feet spread over five floors at BXP’s 767 Fifth Avenue, New York Business Journal first reported, citing CBRE’s third-quarter office report. In 2017, Balyasny initially leased 64,000 square feet on the 34th floor.
It’s unclear exactly how much Balyasny Asset Management’s office footprint grew in the recent renewal or who the brokers were in the deal. CBRE (CBRE) did not immediately respond to a request for comment while BXP declined to comment.
Terms of the deal were not disclosed, but the average asking rent in Midtown in the third quarter of 2024 was $83.90 per square foot, according to a report from CBRE.
The hedge fund has come a long way since it leased just 26,300 square feet at 135 East 57th Street and later added 7,700 square feet in a move to 950 Third Avenue in 2012, as Commercial Observer reported at the time.
The hedge fund’s offices are now on the 12th, 21st, 23rd, 34th and 35th floors of the 50-story, 1.7 million-square-foot 767 Fifth, according to an October Securities and Exchange Commission filing. The full-block office building faces Fifth Avenue between East 58th and East 59th streets.
Balyasny also went on a $200 million hiring spree in August, Bloomberg reported.
BXP recently completed a renovation of the Fifth Avenue building that added a 35,000-square-foot amenity center with the obligatory gym, locker rooms with showers, conference rooms, lounge areas and a grab-and-go coffee, CO reported in 2023.
Mark Hallum can be reached at mhallum@commercialobserver.com.
