Investment Firm Takes 20 KSF at Manhattan Trophy Tower
The asset is fresh off of a $321 million refinancing.
Anchorage Capital Advisors L.P. has signed a 20,560-square-foot lease across two floors at 125 W. 57th St. in Manhattan. Cain and Alchemy-ABR Investment Partners are the owners of the building.
The landlords said the lease brings the building, which was completed earlier this year, to nearly 75 percent leased. Commercial Observer earlier reported the size of the lease.
The 30-story, 260,000-square-foot asset on Billionaires’ Row is the first ground-up Class A office tower delivered in Midtown’s Plaza District in more than five years.
The building’s existing tenant roster also includes Eldridge Industries, Jadian Capital, Kingdon Capital Management and AdaptHealth. In addition, Ten Five Hospitality, known for its Mother Wolf restaurants in Miami, Las Vegas and Los Angeles, is slated to open a new concept on the ground floor.
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Sited between Sixth and Seventh Avenues, the building offers direct views of Central Park and immediate access to Carnegie Hall. The building is targeting LEED Gold certification and offers a full floor of tenant amenities and hospitality-led design elements.
A Cushman & Wakefield team including Director Tim Hay, Senior Director Brian Hay and Executive Vice Chair Ethan Silverstein represented Anchorage Capital. Ownership was represented by JLL Vice Chairman Mitch Konsker, Associate Vice President Kristen Morgan, Executive Managing Director Christine Colley, Senior Vice President Kate Roush and Executive Managing Director Dan Turkewitz, along with Fried Frank Partner Michael Werner and Associate Elias Ayoub.
Manhattan office stays steady
In May, Cain and Alchemy-ABR nailed down a $321 million refinancing package for 125 W. 57th St., arranged by Walker & Dunlop. The package included senior debt from JPMorgan Chase and mezzanine financing from Hudson Bay Capital.
Manhattan’s leasing momentum is expected to remain robust in the near term, though the longer-term situation will depend on employment growth, even as demand from AI firms is anticipated to accelerate through the rest of this year, according to a first-quarter report from Cushman & Wakefield.
In Midtown specifically, new leasing is down a bit, but lease renewals are up to 3.0 million square feet in the quarter. The submarket’s overall vacancy declined by 170 basis points to a 20-quarter low of 18.3 percent, Cushman & Wakefield reported.
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