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Greystone expands to 55,000 s/f at Carnegie Hall Tower

Real estate investment firm Greystone and Co. has renewed and expanded its lease at Carnegie Hall Tower in Midtown.

Greystone, which has been a tenant in the building since it was built in the early 1990s, continued its incremental expansion in the 60-story tower. The company, which previously occupied a 40,000 s/f space, expanded its territory to cover just north of 55,000 s/f, according to brokerage sources.

When Greystone renewed its lease in the building in 2011, the company claimed the entire 11th, 26th, 53rd and 60th floors. With the new deal, the firm has added the entire 15,005 s/f fourth floor.

MATT LEON
MATT LEON

Matt Leon, the executive managing director of commercial leasing at Newmark Grubb Knight Frank and exclusive agent for the tower, negotiated the deal with Chip Sealy, director of leasing for landlord TF Cornerstone.

“Embracing our tenants changing space needs is a hallmark of Carnegie Hall Tower and we take pride in our long-term tenancies and the special role they play within Carnegie. We remain committed to creatively finding solutions to satisfy evolving space needs and usage for Greystone and all our tenants,”Sealy said.

Chip Sealy
Chip Sealy

The financial details of the transaction were not available. However, according to sources, the top floor space was priced “well in excess of $100.” Meanwhile, the fourth floor office was said to have been in the “mid-60s.”

Hedge fund firm Platinum Partners, which previously occupied the fourth floor, moved to Boston Properties’ 250 West 55th Street in 2014.

The Greystone deal comes as TF Cornerstone continues to boost occupancy in the famed Midtown office tower, which is located at 152 West 57th Street.

Earlier this month, the company closed on three offices leases for a total of 21,100 s/f. The Loeb family, which operates investment banking firm Loeb Partners,  took space in the building’s fifth and 32nd floors. The fifth floor space was priced at around $70 per s/f; the 32nd floor office was said to have been in the low $90 per s/f.

The Loeb deals were almost at par with that of investment manager StoneCastle Partners. That firm took 10,799 s/f of space on the building’s 35th floor. According to sources, the space had an asking price of $100 per s/f.

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