The Real Deal New York

SL Green signs International Gem Tower’s first office tenant

Hedge fund Fir Tree will take 31K sf

October 20, 2015 08:05AM

Marc Hollday International Gem Tower

From left: Marc Hollday and the International Gem Tower at 50 West 47th Street

After years of laying vacant, first under Extell Development, then under current owner SL Green Realty, the International Gem Tower finally has its first office tenant.

Hedge fund Fir Tree signed a 10 year lease for just over 31,000 square feet at the building, whose upper floors, devoted to offices, are known collectively as Tower 46 and have their entrance at 55 West 46th Street.

Asking rent at the space was $100 per foot.

Extell completed the structure, whose lower floors, called the International Gem Tower, have their entrance at 50 West 47th Street, in 2012. After failing to find tenants for the office portion of the building, the developer sold the 319,000-square-foot upper floors, 22 to 34, to SL Green for $275 million.

CBRE represented SL Green in the transaction, and Centric Real Estate Advisors represented Fir Tree, which will move from its current home at 505 Fifth Avenue, the New York Post reported.

SL Green’s Steven Durels said more leasing activity at the building was in the offing.

“We got control of the building at the end of last year, but we didn’t really market it until this year,” he told the Post. [NYP]Ariel Stulberg