Moore Capital takes summit at 11 Times Square

Hedge fund to pay triple-digit rents in building that once sat vacant for two years

Jun.June 30, 2014 01:46 PM

After several months of deliberation, Moore Capital Management finally seems set to plant its flag atop 11 Times Square, The Real Deal has learned.

The hedge fund, founded and run by billionaire Louis Bacon, is taking about 80,000 square feet on the top three floors of the 40-story, 1.1 million-square-foot tower, and will pay rents starting at around $100 per square foot, according to multiple sources familiar with the property.

Rumors that Moore was planning to set up shop at 11 Times Square surfaced back in July. But at the time, a senior executive at Moore told TRD that no leasing decisions had been made. In November, Crain’s reported that the fund management firm was on the verge of signing a lease. The company is currently headquartered at Mitsui Fudosan’s 1251 Sixth Avenue, but its lease runs out later this year.

Newmark Grubb Knight Frank’s Neil Goldmacher, who represents Moore, declined to comment. A spokesperson for Prudential Real Estate Investors, a division of Prudential Financial that owns 11 Times Square in conjunction with New Jersey-based SJP Properties, declined to comment. JLL’s Mitch Konsker and Paul Glickman led leasing efforts on behalf of the landlord, but didn’t respond to requests for comment.

The building sat entirely vacant for more than two years after breaking ground in the summer of 2007. It is now anchored by law firm Proskauer Rose, which occupies north of 400,000 square feet, and Microsoft, which is leasing more than 200,000 square feet in the building, according to CoStar Group data.

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