Connecticut hedge fund takes 20K sf at SL Green’s 711 Third Avenue

Ellington Management Group plants flag in Midtown East

New York /
May.May 25, 2021 06:32 PM
SL Green’s Marc Holliday and 711 Third Avenue. (SL Green)

SL Green’s Marc Holliday and 711 Third Avenue. (SL Green)

Not everyone’s moving to Florida: A Connecticut hedge fund has inked a new lease in Midtown East.

Ellington Management Group signed the lease to take 19,600 square feet on the fifth floor of SL Green Realty’s 711 Third Avenue, the landlord announced. The building, between East 44th and East 45th streets, is a short walk from Grand Central Terminal and has a 165-car parking garage.

Founded by Michael Veranos in 1994, Ellington is headquartered in Greenwich, Connecticut. It also has an office in London, according to the firm’s website. No one at Ellington was immediately available for comment.

Steven Durels, SL Green’s executive vice president and director of leasing and real property, said in a written statement that the transaction “comes on the heels of several recent new leases” within the company’s portfolio.

That’s a positive sign for Manhattan’s office market, which has been struggling since the onset of the pandemic and the work-from-home transition. The borough’s office availability rate in April reached 16.5 percent, the highest it has ever been, according to Colliers International.

But tenants are finally re-entering the market as they get ready to bring employees back to their offices, Durels said.

Cushman & Wakefield’s Steve Baker and Andrew Ross represented the tenant in the deal.





    Related Articles

    arrow_forward_ios
    The Daily News Building at 220 East 42nd Street and SL Green CEO Marc Holliday (Credit: Getty Images)
    SL Green puts Daily News building up for sale
    SL Green puts Daily News building up for sale
    SL Green snags private-equity firm at One Vanderbilt
    SL Green snags private-equity firm at One Vanderbilt
    SL Green snags private-equity firm at One Vanderbilt
    SL Green’s locks in big bank lease at Hudson Yards redevelopment site
    SL Green’s locks in big bank lease at
    Hudson Yards redevelopment site
    SL Green’s locks in big bank lease at
    Hudson Yards redevelopment site
    Vice Media CEO Nancy Dubuc and 225 Broadway (Getty Images, Google Maps, iStock)
    Refinery29 subleasing at 225 Broadway for move in with Vice
    Refinery29 subleasing at 225 Broadway for move in with Vice
    Naftali Group's Miki Naftali, BRP Companies' Meredith Marshall (Photos by Paul Dilakian)
    Miki Naftali, Meredith Marshall talk development, death of 421a
    Miki Naftali, Meredith Marshall talk development, death of 421a
    R-L: Willow's Kevin Danehy, Era Ventures' Clelia Warburg Peters, Fifth Wall's Brad Greiwe and The Real Deal's Hiten Samtani (Photo by Paul Dilakian)
    Real estate tech is coming for your business
    Real estate tech is coming for your business
    Industrious CEO Jamie Hodari and CBRE chief financial and investment officer Emma Giamartino (LinkedIn, CBRE)
    CBRE doubles down on flex-office provider Industrious
    CBRE doubles down on flex-office provider Industrious
    New York skyline
    Rising interest rates will dampen city’s investment sales market this year
    Rising interest rates will dampen city’s investment sales market this year
    arrow_forward_ios

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

    Loading...