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


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