Real Estate

Soloviev Group Lands 23 KSF Manhattan Lease

Soloviev Group has secured a long-term leasing agreement for 23,033 square feet at 9 W. 57th St. in Manhattan. Tikehau Capital will occupy the space on the 45th floor. CBRE represented the landlord in the transaction, while the tenant worked with Avison Young.

Completed in 1971, the building rises 50 stories and spans some 1.7 million square feet, also including nearly 40,000 square feet of retail space. In 2016 it became subject to a $1.2 billion CMBS loan from Wilmington Trust, originated by JPMorgan Chase, according to CommercialEdge data.

It features amenities such as a coffee bar, executive dining and a hospitality area, as well as a 11,000-square-foot fitness center including a golf simulator and a cold plunge spa pool. The property’s roster comprises Loews, Veritas Capital and Qatar Investment Authority Advisory, the same source shows. The building also serves as corporate headquarters for the Soloviev Group.

Located in Midtown Manhattan, 9 W. 57th St. is next to Central Park and within short walking distance of MoMA. It is also near multiple public transit options such as the 57 St. subway station.

Manhattan remains the most expensive market

Avison Young Principal Roshan Shah represented Tikehau Capital in the transaction. CBRE Vice Chairmen Howard Fiddle and John Maher, along with Executive Vice President Gregg Rothkin, Senior Vice President Alex Leopold and Senior Financial Analyst Tara Rhodes worked on behalf of the landlord. Recently, Fiddle was involved in negotiating a 20-year, 765,000-square-foot agreement for a law firm in Manhattan, marking the largest office lease of 2023.

As of January, Manhattan remained the priciest market in the U.S. with listing rates clocking in at $68, marking a 9.9 percent year-over-year decrease, according to a recent CommercialEdge report. The vacancy rate in the borough stood at 16.5 percent, 100 basis points higher than in January 2023, but remaining below the national rate of 18 percent.

Leave a Reply

Your email address will not be published. Required fields are marked *