Key Takeaways
- • ExodusPoint Capital, an $8 billion hedge fund launched in June 2018 and led by Michael Gelband, expanded its footprint at Park Avenue Tower by 17,832 square feet, bringing total occupancy to 35,710 square feet across the entire ninth and 10th floors.
- • The expansion deal follows ExodusPoint's initial lease of the entire ninth floor beginning in March 2018, demonstrating rapid growth and space requirements in the firm's first year of operations.
- • Asking rent at the 36-story Park Avenue Tower (65 East 55th Street, Midtown East) ranges from $90 to $150 per square foot; the expansion lease terms were not disclosed.
- • EQ Office, the landlord managing the property, has secured significant recent leases including a 65,000-square-foot deal with financial services firm BTIG and a 24,640-square-foot lease with tech security firm CLEAR, positioning the tower as a hub for institutional financial and technology tenants.
- • The deal was negotiated by Newmark Knight Frank on behalf of ExodusPoint, with EQ Office represented by in-house and external NKF teams led by Brian Waterman, Jared Horowitz, and Ben Shapiro.
Summary
ExodusPoint Capital, a newly launched hedge fund managing approximately $8 billion in assets, has expanded its office footprint at Park Avenue Tower in Midtown East Manhattan. The firm, founded by veteran investor Michael Gelband, will grow by 17,832 square feet under the expansion agreement, bringing its total occupancy to 35,710 square feet spanning the entire ninth and tenth floors of the 36-story building located at 65 East 55th Street.
ExodusPoint initially leased the entire ninth floor beginning in March 2018, just three months before the fund's formal launch in June. The rapid expansion to occupy a second full floor signals strong capital commitments and operational scaling within the first months of the firm's existence. EQ Office, the landlord managing the property, did not disclose the lease term for the expansion agreement. Market asking rents at Park Avenue Tower currently range from $90 to $150 per square foot.
Scott Silverstein, leasing manager at EQ Office, characterized ExodusPoint as "a valued tenant" and noted that the expansion reflects the firm's "impressive growth." The landlord highlighted Park Avenue Tower's appeal to institutional and technology-focused tenants, stating the property "has become the preferred destination for the city's most cutting-edge and sophisticated companies."
The expansion transaction was facilitated by Newmark Knight Frank on behalf of ExodusPoint, with negotiations led by Neil Goldmacher, Brian Goldman, and Matthew Lorberbaum. EQ Office was represented by in-house executives Scott Silverstein and Simon Wasserberger, along with an NKF team including Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski, and Lance Korman.
Park Avenue Tower has emerged as a destination for institutional financial and technology firms. Recent leases include a 65,000-square-foot commitment from financial services firm BTIG and a 24,640-square-foot deal with tech security company CLEAR, demonstrating the building's competitive positioning within Manhattan's institutional office market.
ExodusPoint initially leased the entire ninth floor beginning in March 2018, just three months before the fund's formal launch in June. The rapid expansion to occupy a second full floor signals strong capital commitments and operational scaling within the first months of the firm's existence. EQ Office, the landlord managing the property, did not disclose the lease term for the expansion agreement. Market asking rents at Park Avenue Tower currently range from $90 to $150 per square foot.
Scott Silverstein, leasing manager at EQ Office, characterized ExodusPoint as "a valued tenant" and noted that the expansion reflects the firm's "impressive growth." The landlord highlighted Park Avenue Tower's appeal to institutional and technology-focused tenants, stating the property "has become the preferred destination for the city's most cutting-edge and sophisticated companies."
The expansion transaction was facilitated by Newmark Knight Frank on behalf of ExodusPoint, with negotiations led by Neil Goldmacher, Brian Goldman, and Matthew Lorberbaum. EQ Office was represented by in-house executives Scott Silverstein and Simon Wasserberger, along with an NKF team including Brian Waterman, Jared Horowitz, Ben Shapiro, Brent Ozarowski, and Lance Korman.
Park Avenue Tower has emerged as a destination for institutional financial and technology firms. Recent leases include a 65,000-square-foot commitment from financial services firm BTIG and a 24,640-square-foot deal with tech security company CLEAR, demonstrating the building's competitive positioning within Manhattan's institutional office market.
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