Hedge Fund SummitTX Capital Moves to 18K SF at Rudin’s 560 Lexington Avenue

Hedge fund SummitTX Capital has signed an 11-year lease for the entire 19th floor of Rudin’s 560 Lexington Avenue east of Rockefeller Center, Commercial Observer can first report. 

SummitTX, which manages more than $3 billion in assets under management, will occupy a total of 17,778 square feet at Rudin’s 22-story, 380,000-square-foot office tower when it relocates there this fall. The company currently occupies 7,000 square feet about three blocks away at 75 Rockefeller Plaza. 

Rudin did not disclose the asking rent, but the average asking rent for office space in Midtown was $84.28 per square foot in February, according to the latest monthly office report from Colliers. 

Rudin was represented in-house by Kevin Daly, as well as by Peter Turchin, Brett Shannon, Eric Deutsch, Jacob Rosenthal and Lauren Levy from CBRE. 

“Summit’s relocation to 560 Lexington Avenue speaks to the strength of their business and the quality of the environment we’ve created here,” Daly said in a statement. “Our significant investments in the property’s amenity program, combined with its prime location just a block off Park Avenue and a short walk to Grand Central, make 560 Lexington a compelling home for growing firms.”

The tenant was represented by brokers from Cushman & Wakefield. C&W declined to comment. 

“Our move to 560 Lexington reflects the continued expansion of our team and our long-term commitment to growing our presence in New York,” Brian Peller, managing director and chief operating officer at SummitTX, said in a statement. “As we add talent across investment and operational functions, securing an expanded physical footprint provides the flexibility and infrastructure to support our growth, including attracting and retaining top-tier professionals while fostering collaboration across our platform.”

Located at the corner of Lexington Avenue and East 50th Street, 560 Lexington Avenue opened in 1981 and is home to coworking firm Industrious, electrician services provider HL Electricians, and Starbucks. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.