Hedge fund nearing big lease at 510 Madison

New York /
Apr.April 01, 2011 10:00 AM

Boston Properties is nearing a deal to lease 66,000 square feet in its upcoming, and still mostly unclaimed, 510 Madison Avenue office tower to SAC Capital, the hedge fund owned by billionaire Steven Cohen, according to the Observer. Rumors of the negotiations surfaced months ago, but a lawsuit in which Cohen’s ex-wife accused him of insider trading had apparently put the talks on hold. A judge dismissed the case earlier this week, though, and sources said that clears the way for the lease signing to take place within days. SAC, which may get naming rights as part of the deal, is currently located at 540 Madison Avenue. The 350,000-square-foot building, which Boston Properties took over from Harry Macklowe for $275 million in September 2010, has only a few a few official tenants thus far, including Senator Investment Group, which inked a deal for the 28th floor in November for over $100 per square foot. [NYO]


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