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]


Related Articles

arrow_forward_ios
Boston Properties CEO Owen Thomas (iStock, Thomas by Axel Dupeux)
Boston Properties to launch $2B joint venture
Boston Properties to launch $2B joint venture
An aerial of 341-347 Madison Avenue and Boston Properties CEO Owen D. Thomas (Google Maps, Real Estate Roundtable)
Boston Properties moves forward with teardown of ex-MTA HQ
Boston Properties moves forward with teardown of ex-MTA HQ
Under Armour CEO Patrik Frisk and the GM Building (Getty, Google Maps, Cushman & Wakefield)
Under Armour to sublease planned Fifth Avenue flagship
Under Armour to sublease planned Fifth Avenue flagship
 Boston Properties president Doug Linde with Dock 72. (Beth Israel Lahey, Dock 72)
Boston Properties gives dim outlook on co-working
Boston Properties gives dim outlook on co-working
(Engel & Völkers Market Center, 432 Park)
Sugimoto-curated 79th floor at 432 Park quietly hits market
Sugimoto-curated 79th floor at 432 Park quietly hits market
From left: Compass CEO Robert Reffkin, 1 Wall Street and Macklowe Properties chairman Harry Macklowe (Getty; Macklowe Properties)
Macklowe taps Compass to sell 1 Wall Street
Macklowe taps Compass to sell 1 Wall Street
Clockwise from top left: Boston Properties' Owen Thomas; Empire Real Estate Trust's Tony Malkin; Equity Commonwealth's David Helfand; Columbia Property Trust's Nelson Mills; SL Green's Marc Holliday; Vornado Realty Trust's Steve Roth; and Brookfield's Brian Kingston (Getty)
Office unease: Tenants are paying up but staying away
Office unease: Tenants are paying up but staying away
Mort Zuckerman and Harry Macklowe with 510 Madison Avenue (Getty, Google Maps)
Harry Macklowe sues Boston Properties for $30M
Harry Macklowe sues Boston Properties for $30M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...