Hedge fund Contour has reached an agreement to add 50 percent more space to its current location at 99 Park Avenue.
The company, which previously had about 2,900 square feet in the location just two blocks south of Grand Central, will spread to about 4,500 square feet on the 26-story building’s 15th floor, taking over additional pre-built office space.
Asking rents in the building, owned by Eastgate Realty, are in the $50s per square foot. Contour will hold a four-year lease, which extends the current agreement from the previously-inked two-year lease.
A brokerage team led by Jones Lang LaSalle’s Paul Glickman managed the deal for the landlord, while Newmark Grubb Knight Frank’s Eric Cagner represented the tenant.
“You’re starting to see the boutique financial sector grow,” Cagner told Crain’s. “But after the last downturn, they’ve also figured out how to do more with less.” [Crain's] — Julie Strickland