Israel Englander’s hedge fund heading for the exits at 666 Fifth: report

Millennium Management not likely to renew its lease at Kushner tower

New York /
Jul.July 13, 2018 06:10 PM

Charles Kushner and Israel Englander

Millennium Management, the investment vehicle of billionaire Israel Englander, is in talks to leave Kushner Companies’ 666 Fifth Avenue, where it currently leases 170,000 square feet of space, making it one of the skyscraper’s largest tenants.

The New York Post reported the hedge fund is in advanced talks to move to Boston Properties‘ 399 Park Avenue.

Millennium’s departure could spell more bad news for Kushner Companies at the tower, where it has decided to abandon plans for a condominium conversion and instead maintain the building as an office property, with the help of a pending investment by Brookfield Property Partners.

The building is currently 70 percent leased. The tower lost $24 million this past year and Kushner’s $1.2 billion mortgage note on the property comes due in February.

Tenants at the 1.3 million-square-foot tower at 666 Fifth include Kushner Companies, law firm Akerman and investment bank William Blair & Co. [NYP]Will Parker


Related Articles

arrow_forward_ios
Donald Trump and Rosemary Vrablic (Getty/Illustration by Kevin Rebong for The Real Deal)
Real estate deal prompted resignation of Trump’s longtime banker
Real estate deal prompted resignation of Trump’s longtime banker
Laurent Morali and Charles Kushner (iStock)
Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
Kushner buying sites near Delray Beach, Lake Worth for industrial and mixed-use projects
Kushner Companies has filed papers to raise $100 million through a bond issuance on the Tel Aviv Stock Exchange. (Getty, iStock)
Kushner Companies plans $100M Israeli bond raise
Kushner Companies plans $100M Israeli bond raise
President Donald Trump and James Batmasian (Getty, White House)
Boca Raton real estate honcho James Batmasian gets presidential pardon
Boca Raton real estate honcho James Batmasian gets presidential pardon
Charles Kushner (Getty)
Charlie Kushner gets presidential pardon
Charlie Kushner gets presidential pardon
Jared Kushner (left); Charles Kushner (right); and Laurent Morali
Kushner eyes return to normalcy. Good luck.
Kushner eyes return to normalcy. Good luck.
From left: Sen. Ron Wyden, Rep. Joaquin Castro, 666 Fifth Avenue and Jared Kushner (Getty; Google Maps)
Democrats launch probe into Kushner’s 666 Fifth Ave bailout
Democrats launch probe into Kushner’s 666 Fifth Ave bailout
Charles Kushner and 18 Sidney Place (18 Sidney Place via StreetEasy)
Tenants get class-action status against Kushner in Brooklyn rent case
Tenants get class-action status against Kushner in Brooklyn rent case
arrow_forward_ios

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

Loading...