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Castle Hook Record New York Office Rent
Hedge fund Castle Hook agreed to pay a record $21.2 million a year for penthouse office space in Related's new Madison Avenue tower, highlighting intense pricing pressure in top-tier NYC commercial real estate.
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Castle Hook, a low-profile hedge fund, smashed the record for New York office rent, agreeing to pay up to $21.2 million a year for 53,000 square feet of penthouse space at developer Related's new Madison Avenue tower (FT, October 2). The deal signals continued pricing pressure and demand at the top of the New York commercial real estate market, particularly from hedge funds willing to pay premium rates for marquee office space.