PE firm Lone Star expands at Vornado’s 888 Seventh

Private equity firm doubling its footprint to 50K sf

TRD New York /
Feb.February 10, 2017 04:30 PM

888 Seventh Avenue (Credit: Vornado)

Private fund manager Lone Star Funds is expanding at Vornado Realty Trust’s 888 Seventh Avenue, more than doubling its footprint from 22,000 to 50,000 square feet.

The Texas-based private equity firm would pay in the $80s per square foot for its space in the 47-story building.

CBRE’s Harly Stevens represented the tenant and Vornado’s Jared Solomon represented the landlord.

Lone Star has around $70 billion in assets under management, including in its real estate funds. In 2014, the firm bought a 76-year ground lease for a Hilton Hotel at 304 East 42nd Street. Private fund managers like Lone Star, the Blackstone Group and CIM Group have expanded in recent years, filling the void left by retreating banks amid stricter regulations.

The building at 888 Seventh Avenue is also home to fund manager and Cushman & Wakefield parent TPG, which leased 100,000 square feet. Last year, Vornado refinanced the 882,000-square-foot building with a $375 million loan.  [Crain’s]Konrad Putzier


Related Articles

arrow_forward_ios
Vornado's Steve Roth and 220 Central Park South (Credit: Getty Images, iStock)

Free and clear: Vornado pays off debt at 220 CPS

Vornado chairman and CEO Steven Roth, and 608 Fifth Avenue (Credit: Getty Images)

“Negative surprises”: Vornado execs talk retail struggles on Q2 earnings call

Steven Roth, CEO of Vornado and 640 Fifth Avenue (Credit: Getty Images and Vornado Realty Trust)

Bank of China issues $500M to Vornado in refi of 640 Fifth Avenue

From left: 50 Hudson Yards, 341 Ninth Avenue, 30 Hudson Yards (background) with Google's Sundar Pichai, Amazon's Jeff Bezos and Facebook's Mark Zuckerberg (Credit: Google Maps and Getty Images)

Big tech puts Manhattan office leasing within reach of annual record

Renderings of The William Vale and Denizen Bushwick with a Tel Aviv Stock Exchange ticker

All Year eyes sale of William Vale to pay off bonds

Amazon CEO Jeff Bezos (Credit: Getty Images)

Mapping Amazon’s current office and warehouse footprint in NYC

Breather CEO Bryan Murphy (Credit: LinkedIn and iStock)

Breather bloodbath: Flex-office startup fires 17% of staff

Today’s Northern NJ office sales volume is double 2018’s

Today’s Northern NJ office sales volume is double 2018’s

arrow_forward_ios