Coatue Management, an investment firm, is tripling its 10,000-square-foot lease at 9 West 57th Street — New York’s priciest office building, according to Crain’s. The 10-year deal will result in Coatue taking the entire 25th floor — nearly 31,000 square feet — at approximately $120 per square foot in the black-glass Plaza District tower.
The firm had been subleasing its space from the private equity firm Silver Lake Partners, which has another space in the nearly 2 million-square-foot building.
Newmark Grubb Knight Frank broker Robert Emden represented Coatue in the transaction. Scott Panzer, a broker at Jones Lang LaSalle, represented the landlord Sheldon Solow.
9 West 57th Street boasts the highest asking rents in New York City, with $200 per square foot asks for its top floors, according to a Jones Lang LaSalle report, cited by Crain’s. [Crain’s] —Christopher Cameron