BlueCrest Capital Management — a British-American hedge fund co-founded by billionaire Michael Platt — 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 building is $165, according to the landlord. JLL’s Daniel Posy and Joseph Messina negotiated on behalf of the tenant, while a CBRE team that included Paul Amrich, Neil King, Alexander D’Amario and Maxwell Tarter of CBRE represented the interests of the landlord.
“450 Park Avenue is the ideal address for high-profile firms seeking a combination of [a] high-quality work environment, prestigious location and exciting amenities,” said Steven Durels, SL Green’s director of leasing.
The 329,600-square-foot tower is located at the corner of 57th Street, not far from BlueCrest’s current offices in the General Motors Building at 767 Fifth Ave.
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.
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.
Despite the high vacancy rate in Manhattan’s 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 — such as Citadel, Verition Fund Management and Blue Owl Capital Inc. — have been among the companies that have expanded or signed new leases in New York since the pandemic.
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