Global Asset Manager Reckoner Capital Takes 12K SF at 11 East 26th Street

Reckoner Capital Management, a new global alternative credit asset manager, is taking office space across the street from Madison Square Park for its New York City headquarters, Commercial Observer has learned.

Reckoner Capital, which launched in February and is led by CEO John Kim, has signed a long-term lease for 12,124 square feet on the entire 10th floor of Rockrose Development’s 11 East 26th Street, according to broker Newmark (NMRK).

“We’re excited to welcome Reckoner Capital to 11 East 26th and to continue our tremendous leasing momentum at the project,” Ted Traum, director at Rockrose, said in a statement. “We’ve been thrilled with the market’s response to our extensive repositioning, one-of-a-kind amenities and location directly facing Madison Square Park.”

The length of the lease and the asking rent were unclear, but a report from Colliers found office rents in Midtown South averaged $78.03 per square foot in February.

Newmark’s Neil Goldmacher and Josh Friedman brokered the deal for the tenant, while William “Billy” Cohen and Ariel Harwood, also from Newmark, represented the landlord.

A spokesperson for Reckoner Capital did not immediately respond to a request for comment.

The deal represents the first New York City office for Reckoner Capital, which is backed by investor RedBird Capital Partners, according to a release.

Reckoner Capital will join other tenants at the building on East 26th Street between Madison and Fifth avenues such as tech-focused trading firm Jump Trading and investment management firm Holocene Advisors, which expanded to roughly 31,000 square feet at the building in October 2023.

Rockrose recently completed a $100 million renovation of the building, which now includes a rooftop conference and an entertainment center, a landscaped roof deck and a second-floor amenity club, Newmark said.

“11 East 26th Street sets a new standard for Class A office space in Manhattan’s NoMad submarket, combining state-of-the-art amenities with an iconic location overlooking Madison Square Park,” Cohen said in a statement.

Isabelle Durso can be reached at idurso@commercialobserver.com.