Park Avenue Tower/ photo credit: Real Estate Arts
NEW YORK CITY—ExodusPoint Capital has expanded its company headquarters to 35,710 square feet at EQ Office's Park Avenue Tower. The hedge fund has occupied the entire ninth floor of the 36-story building since March. It leased an additional 17,832 square feet which encompasses the full 10th floor. The terms of the lease were not disclosed. But a source with knowledge of the deal tells GlobeSt.com that the asking rents in the building range from $90 to $150.
EQ Office is owned by funds managed by the Blackstone Group. Blackstone acquired Park Avenue Tower in July 2014 for $750 million, according to Real Capital Analytics.
In May 2018, Bloomberg reported that Michael Gelband had formed ExodusPoint Capital, the largest ever hedge fund startup, with $8 billion at the time of its launch. The news outlet noted Gelband had a falling out with Millennium Management's founder Izzy Englander, left the company, then started ExodusPoint Capital.
The hedge fund nearly doubled its footprint at the 619,351 square-foot tower, located at 65 E. 55th. EQ Office recently modernized the building that was originally constructed in 1986. The renovations included redesigning the outdoor plaza and lobby, and upgrading the mechanical systems. Contracting with FitLore and Convene, the landlord owner also added a 20,000 square-foot tenant amenity space with a fitness center, business lounge and conference area.
Following the renovations, EQ Office has secured 249,000 square feet of new leases.
“ExodusPoint Capital is a valued tenant at Park Avenue Tower, and we are pleased to accommodate the firm's impressive growth,” says Scott Silverstein, leasing manager at EQ Office. “Park Avenue Tower has become the preferred destination for the city's most cutting-edge and sophisticated companies. They are drawn to its inspiring workspaces, contemporary design, extensive services, and prestigious address surrounded by many of the world's finest financial institutions and cultural destinations.”
This latest transaction follows recent leases with global financial services firm BTIG, which leased 65,365 square feet, and biometrics tech company CLEAR, which signed on for 24,640 square feet.
Other tenants include the Raine Group, Monday Properties, ICM Partners, Oak Hill Capital Management, TowerBrook Capital Partners L.P., Stephens Inc., Avista Holdings, LLC, Cyrus Capital Partners, East Rock Capital Management and National Bank of Canada.
In addition to Silverstein, EQ Office was represented in-house by Simon Wasserberger, and by Newmark Knight Frank's Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski and Lance Korman. Newmark Knight Frank's Neil Goldmacher, Brian Goldman and Matthew Lorberbaum represented ExodusPoint Capital.
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
