Investment Manager Oaktree Moving to 79K SF at 1290 Avenue of the Americas

Investment management firm Oaktree Capital Management is moving its New York City office to Midtown’s 1290 Avenue of the Americas.

Oaktree, which specializes in alternative investment strategies, has signed a lease for 79,000 square feet on the entire 12th floor of Vornado Realty Trust (VNO)’s 43-story office tower, according to The Real Deal, which first reported the news.

The length of the lease was unclear, but the asking rent was $98 per square foot, TRD reported.

CBRE (CBRE)’s John Nugent brokered the deal for the tenant, while Vornado was represented by an in-house leasing team, according to TRD. Spokespeople for Oaktree, Vornado and CBRE did not immediately respond to requests for comment.

The Trump Organization also owns a 30 percent stake in the property in a partnership with Vornado that restricts the sale of the building until 2044, TRD reported.

The deal will be a relocation for the Los Angeles-based Oaktree, which previously had its New York City office at Paramount Group’s 1301 Avenue of the Americas, according to the firm’s website.

Oaktree has several other locations across the U.S., as well as offices in Europe, the Middle East and Asia, according to its website.

Other tenants at the 2.1 million-square-foot office building between West 51st and West 52nd streets include law firm Selendy Gay, virtual golf chain Five Iron Golf and law firm King & Spalding.

Investment firm Neuberger Berman occupies the largest space in the building with a 400,000-square-foot office.

It’s been a busy start to the new year for office leasing in Midtown, especially after the Federal Deposit Insurance Corporation (FDIC) signed a major deal for 147,543 square feet at 1166 Avenue of the Americas, as Commercial Observer first reported.

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