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Deals & Dealmakers

Apollo adds 65,000 s/f to W57th Street footprint

Apollo Management Holdings L.P. inked a deal that will add more than 65,000 s/f to its current footprint at 9 West 57th Street, as well as significantly extend the company’s lease.

A longtime tenant of the building with three full floors in the base of the building and two upper tower floors, Apollo increased its square footage from 109,000 s/f to 175,200 s/f, according to law firm Shearman & Sterling, which represented Solow Realty & Development Company in the deal.

CBRE’s Stephen Siegel, Michael Geoghegan, Michael Wellen, Paul Stimpfle and Peter Gamber represented Apollo in the deal, while JLL’s Scott Panzer represented Solow Realty.

Apollo committed to an initial lease term of 15 years, with two five-year renewal options. The deal also included options to expand in full floors in both the base and tower of the building for a potential increase of 68,000 s/f.

The Shearman & Sterling team consisted of counsel Peter Strauss, associate Andrew Smook and partner Chris Smith, all of the firm’s real estate practice in its New York office.

The distinctive black and white 50-story tower, named the Solow Building after its developer, Sheldon Solow, has 1.4 million s/f of office space and a number of high-profile tenants including Chanel, and financial services tenants Och Ziff Management, Tiger Global Management, Ruane, Cunniff & Goldfarb, and Benefit Street Partners.

Solow recently began a renovation program to modernize the building, including the elevators.

Last fall, D1 Capital Partners leased 32,300 s/f on the 36th floor of the building,in a 15-year lease with an optional five-year extension. Panzer represented Solow in the deal while Lance Korman and Brian Waterman of Newmark Knight Frank represented the tenant.

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