The Real Deal New York

Hedge-fund friendly office buildings see jump in rents

Asking rents in buildings that attract hedge funds increased four percent from last year

June 03, 2015 05:05PM

From left: 9 West 57th Street and 557 Madison Avenue in Midtown

From left: 9 West 57th Street and 667 Madison Avenue in Midtown

Manhattan’s most exclusive office buildings saw their highest asking rents jump 4 percent year-over-year, according to a report by JLL.

JLL’s Hedge Fund Index looks at buildings that attract hedge funds and financial firms. Rents in half of these buildings have trended higher over the last six months, the New York Post reported.

While the overall average asking rent for premium spaces hit $142.7 per foot, the average asking rent for less desirable spaces decreased 78 cents per foot to $88.9 per foot.

The priciest building, Sheldon Solow’s 9 West 57th Street, has rents of $225 per foot, while the second priciest, Leonard Stern’s 667 Madison Avenue, has rents of $195 per foot.  Aby Rosen’s Seagram Tower at 375 Park Avenue and Lever House at 390 Park both have rents of $170 per foot.

Every building in the report had a high asking rent of more than $100 per foot, aside from 510 Madison, which came in just below this mark with a high of $98. [NYP] — Tess Hofmann