{"id":36658,"date":"2023-08-25T09:55:41","date_gmt":"2023-08-25T06:55:41","guid":{"rendered":"https:\/\/www.commercialcafe.com\/blog\/?p=36658"},"modified":"2025-03-25T16:08:45","modified_gmt":"2025-03-25T13:08:45","slug":"bluecrest-signs-new-lease-450-park","status":"publish","type":"post","link":"https:\/\/www.commercialcafe.com\/blog\/bluecrest-signs-new-lease-450-park\/","title":{"rendered":"Hedge Fund Signs New Lease at SL Green\u2019s 450 Park Ave."},"content":{"rendered":"

BlueCrest Capital Management \u2014 a British-American hedge fund co-founded by billionaire Michael Platt \u2014 has signed a new lease at 450 Park Ave. The company agreed to a 15-year deal and will occupy 21,640 square feet of space across the 30th<\/sup> and 31st<\/sup> floors of the SL Green-owned Midtown office space<\/a>.<\/p>\n

Asking rent in the building is $165, according to the landlord. JLL\u2019s Daniel Posy\u00a0and\u00a0Joseph Messina negotiated on behalf of the tenant, while a CBRE team that included Paul Amrich,\u00a0Neil King,\u00a0Alexander D\u2019Amario\u00a0and\u00a0Maxwell Tarter\u00a0of\u00a0CBRE\u00a0represented the interests of the landlord.<\/p>\n

\u201c450 Park Avenue is the ideal address for high-profile firms seeking a combination of [a] high-quality work environment, prestigious location and exciting amenities,\u201d\u00a0said Steven Durels, SL Green\u2019s director of leasing.<\/p>\n

The 329,600-square-foot tower is located at the corner of 57th Street, not far from BlueCrest\u2019s current offices in the General Motors Building at 767 Fifth Ave.<\/p>\n

Designed by Emery Roth & Sons and completed in 1972, the 33-story, Class A office building at 450 Park Ave. was acquired by SL Green in 2022. Its previous owner, Oxford Properties Group, sold the asset for $445 million or roughly $1,350 per square foot, taking a nearly $100 million hit compared to what it had paid eight years earlier.<\/p>\n

Another recent deal at the property involved iconic luxury British sports car manufacturer Aston Martin, which opened a showroom on the ground floor of 450 Park Ave.<\/p>\n

Despite the high vacancy rate in Manhattan\u2019s office market, the finance industry has played an important role in driving demand for space as more companies encourage their employees to return to their workplaces. To that end, hedge funds and investment firms \u2014 such as Citadel, Verition Fund Management and Blue Owl Capital Inc. \u2014 have been among the companies that have expanded or signed new leases<\/a> in New York since the pandemic.<\/p>\n

CommercialCafe.com gives you access to the latest office space listings across all major U.S. markets. Use our interactive map and filters to find the best match for your business needs:<\/em><\/p>\n\n\n\n\n\t\n\t\n\t\n\t\n\t\n\t\n\t
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BlueCrest Capital Management \u2014 a British-American hedge fund co-founded by billionaire Michael Platt \u2014 has signed a new lease at 450 Park Ave. The company agreed to a 15-year deal and will occupy 21,640 square feet of space across the 30th and 31st floors of the SL Green-owned Midtown office space. Asking rent in the…<\/p>\n","protected":false},"author":56,"featured_media":36660,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[37,38,4014,39],"tags":[],"class_list":["post-36658","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-news","category-deals","category-featured","category-office","wpautop"],"acf":[],"yoast_head":"\nBlueCrest Inks New Lease at 450 Park Ave | CommercialCafe<\/title>\n<meta name=\"description\" content=\"BlueCrest Capital Management has signed a new lease 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