Tom Barrack’s Colony NorthStar moves next to Trump Tower

Downtown LA-based investment firm inked 40K sf lease on Madison Avenue

May.May 03, 2017 02:31 PM
590 Madison Avenue, Tom Barrack (Getty Images)

From TRD New York: Trump buddy Tom Barrack is moving his company office to the building next to the president’s New York home.

Barack’s Downtown Los Angeles real estate investment firm Colony NorthStar signed a 40,000-square-foot lease at 590 Madison Avenue, which is connected to Trump Tower through an atrium.

The company emerged from a merger between Colony Capital and NorthStar Realty Finance last year, and both parts currently have separate offices at 712 Fifth Avenue and 399 Park Avenue, the New York Post reported.

The firms will move to Madison Avenue at the end of the year and will occupy all of the 34th and part of the 33rd floor of the building, which is owned by the State Teachers Retirement System of Ohio.

According to the Post, the lease is the first Plaza District deal since 2014 that crosses the 25,000-square-foot and $100-per-square-foot thresholds. JLL represented Colony, while CBRE represented the landlord.

Barrack helped form a super PAC that raised millions for the candidate Trump and later chaired his inauguration committee.  [NYP] — Konrad Putzier

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