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Loeb banking family lease two offices at Carnegie Hall tower

TF Cornerstone has closed on a trio of leases at its Carnegie Hall Tower.

One of the first families of American finance has leased two office suites at the prestigious property. Two separate banking entities run by the Loeb family will occupy just short of 11,000 s/f.

The first office will occupy a 4,300 s/f high-end prebuilt suite on the 32nd floor where rents are in the low $90s psf.
The second Loeb division leased over 6,000 s/f for its operations on the fifth floor of the tower.That space has a terrace running along 56th Street and comes with a price tag in the $70s psf.

MATTHEW LEON
MATTHEW LEON

Newmark Grubb Knight Frank executive managing director Matt Leon represented owner TF Cornerstone in both leases. Lansco’s Lisa Rosenthal repped the tenants. Neither were available for comment.

Leon worked with TF Cornerstone’s director of leasing Chip Sealy to negotiate a full floor deal with investment manager, StoneCastle Partners.

The company had previously subleased the entire 10,799 s/f 35th floor from Apollo Global Management but decided to renew on a direct basis in advance of their sublease expiration. Sources say the full floor had asking rents of $100 psf. Michael Movshovich and Ben Friedland of CBRE worked the lease for StoneCastle Partners.

While traditional country club tenants like StoneCastle, Grubman Indursky, Greystone and Kingdon Capital have kept Carnegie Hall Tower full since it was built, TF Cornerstone has been working on a program aimed at bringing some new age entrepreneurs to the 60-story skyscraper and diversify its tenant base.

A “creative pre-built” program with rents ranging from the mid $70s to over $115 psf has already drawn solar energy firm GameChange and two TAMI tenants to the building where an estimated 30 percent of the tenants have been in place since the landmark opened in 1991.

A lease is expected soon for the 41st floor of the classy tower
A lease is expected soon for the 41st floor of the classy tower

While Leon did not respond to a request for comment, a lease is said to be close for the TAMI-friendly 41st floor that’s been given a modern makeover designed to appeal to the millennial generation.

The 4,200 s/f space has a mix of concrete and carpet flooring, high ceilings, open café pantry and an edgy layout aimed at creating cool collaborative work space with the uptown bonus of outstanding service and views of Central Park, and up the Hudson River for which the tony tower is known.

The next wave of “creative pre-built suitesˮ will come online shortly on the towerʼs 54th floor. Ranging from 2,000 to 3,000 s/f, they will be offered at upwards of $110 psf.

An 8,700 s/f office on the 59th floor of the 60-story trophy is white boxed and ready for build out to be delivered with a new installation suited to either traditional office or creative tenants. Its ask is in the mid $120s psf.

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