SL Green Signs Long-Term Lease at Manhattan Trophy Tower

BlueCrest Capital Management will occupy two floors at 450 Park Avenue. Image courtesy of CommercialEdge

BlueCrest Capital Management has signed a 21,640-square-foot lease with SL Green Realty Corp. at 450 Park Avenue, a 329,600-square-foot office building in Manhattan. The British-American hedge fund will relocate from the GM Building at 767 Fifth Ave. to the 30th and 31st floors of the LEED Platinum-certified tower.

JLL‘s Executive Managing Director Daniel Posy and Vice Chairman Joe Messina represented the tenant in signing the 15-year lease, while CBRE’s Vice Chairmen Paul Amrich and Neil King, Senior Vice President Alexander D’Amario and Senior Associate Maxwell Tarter acted on behalf of the landlord.

CBRE also advised SL Green on the acquisition of the Class A office building last year. The company purchased the 33-floor property from Oxford Properties Group and Crown Acquisitions for $445 million, according to CommercialEdge data. Wells Fargo provided a $267 million loan to finance the acquisition. SLGreen bought 450 Park Avenue through a joint venture with institutional investors from Israel and South Korea.

Major tenants in Midtown Manhattan

Tenants at 450 Park Avenue include BDT Capital Partners, JMP Group LLC, Jones Day, Junto Capital Management LP, Bank United and SPX Capital Management LLC. On the building’s ground floor, Aston Martin opened its first Manhattan showroom.

The transit-oriented property is located in Midtown’s Plaza District, at the intersection of 57th Street and Park Avenue, within walking distance of Central Park, the Ed Koch Queensboro Bridge and four subway stations that provide easy access across the entire New York City metropolitan area.

Designed by Emery Roth & Sons and completed in 1972, the building underwent two cosmetic renovations in 2003 and 2007. The tower features some 30,000 square feet of retail space, a fitness center, a spa, six passenger elevators, controlled access and 24/7 security.

SL Green also owns part of 245 Park Avenue, a 1.8 million-square-foot office building less than a mile away from 450 Park Avenue. In June, the company sold a 49.9 percent stake in 245 Park Ave. to an affiliate of Mori Trust Co. At that point, the asset was valued at $2 billion.