Moore Capital takes summit at 11 Times Square

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

New York /
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.


Related Articles

arrow_forward_ios
Jeff Aronson (iStock, Jeff Aronson, CC BY-SA 2.0, via Wikimedia Commons/Photo Illustration by Steven Dilakian for The Real Deal)
Centerbridge closes $2B real estate fund
Centerbridge closes $2B real estate fund
Steven Pozycki, chief executive officer, SJP Properties, in front of 111 River Street in Hoboken, NJ (SJP Properties, LoopNet, iStock)
SJP, David Werner buy waterfront Hoboken office, retail property
SJP, David Werner buy waterfront Hoboken office, retail property
New data platform finds hot housing markets while they’re still just warm
New data platform finds hot housing markets while they’re still just warm
New data platform finds hot housing markets while they’re still just warm
Upper West Side’s most controversial tower closes first condo sale
Upper West Side’s most controversial tower closes first condo sale
Upper West Side’s most controversial tower closes first condo sale
First-time fund managers bet $480M on self-storage across US
First-time fund managers bet $480M on self-storage across US
First-time fund managers bet $480M on self-storage across US
First Metaverse REIT could hit public exchange within a year
First Metaverse REIT could hit public exchange within a year
First Metaverse REIT could hit public exchange within a year
SJP Properties CEO  Steven Pozycki and 200 Amsterdam (SJP, 200 Amsterdam)
SJP claims final victory in 200 Amsterdam fight
SJP claims final victory in 200 Amsterdam fight
KKR CEOs George R. Roberts and Henry Kravis with My Community Homes CEO Marcos Egipciaco (Linkedin, iStock)
Another investment firm dips into single-family rentals
Another investment firm dips into single-family rentals
arrow_forward_ios

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

Loading...