Asset Management Firm Sagard Expands to 41K SF at 280 Park Avenue

Sagard Capital Partners, a global alternative asset management firm, is expanding its offices within 280 Park Avenue.

Sagard, which specializes in venture capital, private equity, private credit and real estate, has signed a 10-year deal to renew its existing 8,936 square feet of office space at the Midtown East building and tack on an additional 31,580 square feet, according to a release from SL Green Realty, which co-owns the building with Vornado Realty Trust.

The deal brings Sagard’s total footprint at the 29-story building between East 48th and East 49th streets to 40,516 square feet on the 33rd and 34th floors, the release said.

The lease is the latest sign of robust tenant demand in Midtown and Midtown South, Steven Durels, executive vice president and director of leasing at SL Green, said in a statement.

The asking rent was unclear, but when Sagard moved into 280 Park in October 2021, asking rent was $115 per square foot, as Commercial Observer previously reported.

Newmark’s Noel Flagg and E.N. Cutler brokered the deal for the tenant, while CBRE’s Peter Turchin, Gregg Rothkin, Hannah Gerard and Brad Auerbach represented ownership.

Vornado declined to comment, while spokespeople for SL Green, Sagard, Newmark and CBRE did not immediately respond to requests for comment.

The Montreal-based Sagard was founded in 2005 by the Power Corporation of Canada and has eight offices around the globe, according to its website.

Sagard is one of several tenants at 280 Park, including Elliott Investment Management, private equity firm Antares Capital, investment bank PJT Partners and investment firm Trian Partners.

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