Another hedge fund moves to SL Green's building in the Park Avenue submarket.
Gus Delaporte 11/14 7:45am
Element Capital has signed a 10-year expansion deal at SL Green’s 600 Lexington Avenue, doubling its space to 13,500 square feet on the 33rd and 34th floors of the building, The Commercial Observer has learned.
The hedge fund will pay rent starting in the mid-$70s per square foot, according to data from CompStak. Element first signed a lease at the building in 2009 when starting rent for the 34th floor space was in the low-$70s per square foot.
A spokesperson for Element Capital confirmed the company had signed a new lease but declined to comment further. Steve Durels, director of leasing for SL Green was not immediately available for comment.
SL Green acquired the 36-story tower at 600 Lexington Avenue from a joint venture led by Hines for $193 million in 2010. In addition to Element Capital, the building’s tenant roster includes MKP Capital Management, Samson Capital Advisors and Falcon Investment Advisors. There are nine units listed available in the building, according to the landlord’s website.
As reported by The Commercial Observer, five tenants signed leases totaling close to 50,000 square feet at 600 Lexington Avenue last June.
A brokerage team from Jones Lang LaSalle led by executives Paul Glickman, Frank Doyle, Mitti Liebersohn, Alexander Chudnoff, Diana Biasotti and Ben Bass handle deals at the property for SL Green. Element Capital declined to name the firm’s broker.