Baron Funds signs princely lease at GM Building

Money manager will pay just under $200-per-square-foot in renewal and expansion deal

New York /
Mar.March 20, 2014 02:45 PM

UPDATED, 5:40 p.m., March 20: Money manager Baron Funds, founded by billionaire Ron Baron, is taking another 25,000 square feet at the GM Building, The Real Deal has learned. Along with the expansion on the 47th floor, Baron renewed its space on the 48th and 49th floors of the trophy tower. The fund firm will pay rents starting at just shy of $200 per square foot — and cross the rare $200 threshold over the course of the 20-year deal, sources said.

JLL’s Scott Panzer and Centric Real Estate Advisors’ Gregg Lorberbaum represented Baron in the deal, while the building was represented in-house by Boston Properties’ Andrew Levin. Panzer and Lorberbaum declined to comment.

The 50-story, 1.82 million-square-foot tower, located at 767 Fifth Avenue, is owned by Boston Properties and the families of billionaires Moise Safra and Zhang Xin. At an estimated worth of $3.4 billion, the building is the country’s most valuable office property, and commands some of the highest rents in the city along with Sheldon Solow’s 9 West 57th Street.

In May, Brazil-based bank Banco Itaú expanded to 35,000 square feet on the top of the tower, agreeing to pay just shy of $200 per square foot.


Related Articles

arrow_forward_ios
Savills' Jim Wenk (LinkedIn, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Office space up for sublease back on the rise
Office space up for sublease back on the rise
601 Lexington Avenue and Citadel’s Ken Griffin (Wikipedia, Citadel)
Billion-dollar refi reveals what tenants pay at 601 Lex
Billion-dollar refi reveals what tenants pay at 601 Lex
CBRE's Chuck Leitner and Amazon warehouses at 12555 Flatlands Avenue and 12595 Flatlands Avenue (March Associates Construction, CBRE, iStock, Illustration by Kevin Cifuentes for The Real Deal)
CBRE affiliate buys two Amazon warehouses for $230M
CBRE affiliate buys two Amazon warehouses for $230M
CBRE's Chris Bodnar (CBRE, iStock)
Healthcare real estate investment expected to hit $25B this year: report
Healthcare real estate investment expected to hit $25B this year: report
Nelson Lee and Eric Anton of Marcus & Millichap (REBNY)
Karaoke and bees: Marcus & Millichap wins REBNY’s most “ingenious deal”
Karaoke and bees: Marcus & Millichap wins REBNY’s most “ingenious deal”
(iStock)
As rents drop, Manhattan retail spaces are filling up
As rents drop, Manhattan retail spaces are filling up
Savills' Jeffrey Peck (iStock, Savills)
Office market’s next crisis: a surge of lease expirations
Office market’s next crisis: a surge of lease expirations
World Class Holdings' Nate Paul (World Class, iStock)
Nate Paul plots comeback after selling chunk of self-storage holdings
Nate Paul plots comeback after selling chunk of self-storage holdings
arrow_forward_ios

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

Loading...