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Castle Hook leases Related’s penthouse floors at 625 Madison Avenue
The lease covers the 52nd and 53rd floors of the 53-story tower, with Related seeking rents up to $400 per square foot for upper floors.
New York-based hedge fund manager Castle Hook Partners has signed a lease for penthouse office space at Related Companies’ upcoming 625 Madison Avenue tower, according to a memorandum of lease filed in city records.
The deal covers the entire 52nd and 53rd floors of the planned 53-story development, with the asking rent not disclosed.
Commercial Observer reports that Related is seeking rents of up to $400 per square foot for the tower’s upper floors, and the 15-year lease term includes renewal options for an additional 10 years.
The outlet adds that Castle Hook currently lists its headquarters at BXP’s 767 Fifth Avenue, and it was not clear whether the Related lease represents a relocation or an expansion, with Related declining to comment and Castle Hook not responding to a request.