Midtown West: killing it in the leasing arena.
Financial firm signs on for 18,000 square feet on the 49th floor, two stories about its private-equity parent's home base.The enigmatic landlord Sheldon Solow has signed another sky-high office lease at 9 W. 57th St., the sloping Plaza District skyscraper that is an exclusive address for some of the city's deepest-pocketed office tenants.
Benefit Street Partners, an arm of the private equity firm Providence Equity Partners, has taken a portion of the 50-story tower's second highest space, an 18,345 square foot office on the 49th floor for a whopping $200 per square foot. The leasing tracking and database firm, CompStak, first reported the lease.
Only a handful of leases have ever been signed in the city for triple-figure rates that start with a 2. Last year, the hedge fund Ruane, Cunniff & Goldfarb Inc., took the roughly 30,000 square foot 50th floor at 9 W. 57th St. for the same price.
What's more, there may be more deals to come at 9 W. 57th St. at that ethereal level.
"We have several leases that are pending that are of comparable value," said Scott Panzer, a leasing broker at Jones Lang LaSalle who represents Mr. Solow in leasing transactions at the property.
Only a few other buildings are able to compete with 9 W. 57th St.'s rates, a shortlist that includes the General Motors Building and 667 Madison Ave.
Benefit Street Partners will move into space near its parent, Providence Equity Partners. The private equity firm is based two floors down on 47.
Neil Goldmacher, Daniel Madison and John Moran, brokers at Newmark Grubb Knight Frank, represented Benefit Street Partners in the deal.