Grand Central submarket is hot as always!
101 Park Avenue and Peter KalikowH.J. Kalikow & Company has signed Manhattan-based Federated Global Investment Management to the entire 41st floor of 101 Park Avenue, The Real Deal has learned.
The investment manager will pay over $110 per square foot in the 26,400-square-foot deal at the 1.3 million-square-foot building, data from CompStak show.
The 49-story tower sits between 40th and 41st streets in the Grand Central submarket.
A spokesperson for Federated confirmed that the deal had been signed and said the firm would be moving next year, when its 22,000-square foot lease on the 37th floor of 450 Lexington Avenue expires. She declined to comment on the terms of the deal.
While Federated is paying rents in the mid $60s per square foot for its current space, earlier this year, real estate investment company Spear Street Capital leased the 39th floor of the Lexington Avenue building for about $120 per square foot, CompStak data show.
H.J. Kalikow was represented by a Cushman & Wakefield team of John Cefaly, Clark Finney and David McBride. Federated was represented by Avison Young’s Greg Kraut and Brad Totten, but they were not immediately available. A spokesperson for Avison declined to comment.
The Park Avenue building houses many top-tier financial tenants, such as the Royal Bank of Scotland, Morgan Stanley Smith Barney and hedge fund Tiger Management, whose recent $70 million lease renewal there was one of the third quarter’s most valuable lease transactions, as The Real Deal reported.