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Castle Hook to pay up to $21.2m a year for Manhattan offices

The 15-year lease, at $350 to $400 per square foot annually, would place the firm on the top two floors of Related’s 625 Madison Avenue tower.

Reported · Written up by our desk · Fund Industry

Low-profile macro hedge fund Castle Hook Partners has agreed to pay as much as $21.2 million per year for new headquarters in Manhattan, a deal believed to set a new high-water mark for New York office rents, according to reporting by the Financial Times as summarized by Hedgeweek.

Castle Hook will take the top two floors of Related Companies’ 625 Madison Avenue tower, using about 53,000 square feet of penthouse space under a 15-year lease, with rent cited as between $350 and $400 per square foot annually.

The firm is expected to move into the space during the second half of 2029, when the 53-storey tower overlooking Central Park is scheduled to be completed, and the lease would exceed a prior reported record earlier this year tied to a Midtown lease at an average of $327.50 per square foot.

Hedgeweek also reported that Castle Hook, founded in 2016 by former Soros Fund Management executive David Rogers, currently operates from the General Motors Building on Fifth Avenue and manages about $11 billion with roughly 35 employees.

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