The Real Deal New York

“Daddy of distressed funds” relocating to Fisher Brothers’ 299 Park

King Street Capital Management inked deal for 60K sf office space
By Rich Bockmann | February 12, 2018 01:40PM

299 Park Avenue (Credit: Fisher Brothers)

The Wall Street vulture fund so big that it earned the name the “daddy of distressed funds” is moving to Fisher Brothers299 Park Avenue.

King Street Capital Management signed a 10-year lease for roughly 60,000 square feet at the 42-story Plaza District tower between East 48th and 49th streets, sources told The Real Deal.

Representatives for Fisher Brothers declined to comment, while a spokesperson for King Street was not immediately available.

The move represents an expansion for King Street, which is coming out of approximately 46,000 square feet at Equity Office’s 65 East 55th Street. Industry publication Hedge Fund Insight in 2014 called King Street the “daddy of distressed funds” for managing two of the world’s largest vulture funds.

A team led by Scott Panzer at JLL represented King Street in the deal. Fisher Brothers’ in-house team led by Marc Packman and Clark Briffel represented the landlord along with a team led by David Falk at Newmark Knight Frank.

Financial terms of the deal weren’t immediately clear, but asking rents average north of $100 per square foot at 299 Park, a building that’s popular with the financial services set.

Tenants include Capital One and UBS Bank. Tiptree Finance last year inked a deal for 29,000 square feet on the seventh floor, tripling its footprint in a relocation from 780 Third Avenue. And Varagon Capital Partners signed up for the entire third floor, taking 28,000 square feet in a move from 488 Madison Avenue.