Lender Square Mile Capital, which got hammered by the financial crisis that struck in 2008, is moving its Midtown offices to 350 Park Avenue, where it will nearly double its square footage to 21,000.
The firm, founded by Jeff Citrin and Craig Solomon, Is Relocating From Nearby 450 Park Avenue where it occupied 11,000 square feet. In its new digs, the real estate financial firm will use the entire 15th floor in the 30-story, 580,000-square-foot building owned by Vornado Realty Trust.
Square Mile is subleasing the space from Ziff Brothers Investments. The lease runs for another six years, and rents are in the $80s per square foot.
A person familiar with the deal said that Square Mile is taking more space because its business is bouncing back from a substantial dip during the recession. Square Mile was a successful lender during the last property boom, but fell on hard times during the financial downturn. One of its biggest debtors, Kent Swig, threatened to declare bankruptcy if the firm attempted to collect on a $30 million that he owed, Crain’s reported.
David Falk and Peter Shimkin of Newmark Grubb Knight Frank represented Square Mile in the deal. [Crain’s] — Tess Hofmann