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450 Park's New Owners Sign Investment Firm to Full Floor

NEW YORK CITY-The 33-story class A office property picks up its first new tenant since it was acquired in joint venture earlier this summer. Taconic Capital Advisors will occupy the entire eighth floor for 10 years beginning in January.

By Glen Thompson | Updated on September 10, 2002

NEW YORK CITY-The joint venture that purchased 450 Park Ave. in June has signed its first new tenant at the property. Taconic Investment Partners and its partner, the New York State Common Retirement Fund, have inked a 10-year deal with Taconic Capital Advisors for a full floor at the 33-story tower.

Taconic Capital, an investment firm unrelated to Taconic Investment Partners, is relocating from 375 Park Ave. to the entire eighth floor of the 339,000-sf 450 Park Ave. building. Robert A. Silver, senior managing director of Newmark & Co. Real Estate Inc. represented the tenant. Insignia/ESG, Inc. is the exclusive leasing agent for the property. Details of the lease have not been disclosed, but brokers involved with the property say asking rents for direct space are in the high $70s.

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