The asset manager is increasing its space to 175,000 square feet from 135,000 square feet, the New York Post reported. The company is also moving to 3 Bryant Park, where it will sublease 70,000 square feet from MetLife.
The move to Bryant Park is being funded by Apollo’s exit from the Crown Building at 730 Fifth Avenue. Aman Resorts’ Vladislav Doronin, who bought the building’s office floors in 2015, has been buying out tenants’ leases to make way for a hotel and condo conversion of the property.
Apollo was bought out of its lease at the Crown Building, but the details of the deal are not public. CBRE‘s Stephen Siegel, who was part of a team that represented Apollo, said the buyout was enough to fund the relocation to 3 Bryant Park.
The expansion is good news for Solow, who has faced a few setbacks recently at his West 57th building. Private equity firm Providence Equity Partners is leaving the tower’s 47th floor for the Paramount Group’s 31 West 52nd Street. Next year, private-equity buyout giant KKR will also leave the building for 343,000 square feet at the Related Companies’ 30 Hudson Yards. [NYP] — Kathryn Brenzel