Billionaire Paul Singer’s hedge fund inks 149K sf lease at 280 Park Avenue

Billionaire hedge fund manager Paul Singer is doubling down on New York City four years after moving his headquarters to Florida.

Singer’s Elliott Investment Management inked a new lease for 149,000 square feet at SL Green and Vornado Realty Trust’s 280 Park Avenue, according to sources. The firm will relocate its New York offices from its current location at LeFrak’s 40 West 57th Street.

The $66 billion hedge fund will sublease 126,000 square feet on the sixth, seventh and eighth floors from asset manager Franklin Templeton through 2031, followed by a five-year extension from the landlord. It also signed a direct 12-year lease for 23,000 square feet of vacant space on the sixth floor, a source said.

Singer’s hedge fund relocated its headquarters to West Palm Beach during the pandemic but kept its Midtown space and opened an office in Greenwich, Connecticut. 

A major motivator of the move appeared to be that Singer’s co-chief investment officer and expected successor, Jon Pollock, and other senior executives relocated to South Florida during the pandemic, Bloomberg reported at the time.

Singer himself continued to spend most of his time in the Northeast, including at his apartment on the Upper West Side, the New York Times reported.

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A Newmark team including Neil Goldmacher and Chris Mongeluzo represented Elliott Management in the deal. Robert Lowe of Cushman & Wakefield represented Franklin Templeton. A Vornado team led by Edward Riguardi and Alexandra Bedell represented the landlord in-house.

Elliott Management did not immediately respond to a request for comment.