Pershing Square Capital Management, the hedge fund headed by activist investor Bill Ackman, is relocating its headquarters to 787 11th Avenue in Hell’s Kitchen.
According to the Georgetown Company, the firm signed a 15-year lease for 67,000 s/f in the building. The space will be occupied by Pershing Square and the Pershing Square Foundation, the family foundation headed by Ackman and his wife Karen. The firm is expected to move in by late 2017.
“Hell’s Kitchen is a great live, work, play community with wonderful restaurants, services, transportation options and entertainment,” said Adam Flatto, the CEO of The Georgetown Company. “This is a neighborhood that will continue to grow and we’re pleased to welcome Pershing Square to the building.”
The property, which once housed a car dealership, has been redesigned to Ackman’s specifications. The upper floors have been renovated to include a two-story penthouse with a private terrace and a tennis court. According to a previous report from Crain’s, the amenities were part of Ackman’s wish list for the new office. The space was designed by architect Rafael Viñoly.
The Georgetown Company partnered with Ackman and Main Street Advisors to purchase the building in 2015. The deal was valued at $255.5 million. Georgetown recently secured a $349.5 million construction loan from Blackstone Real Estate Debt Strategies to finance the project. This replaces a $200 million acquisition loan from J.P. Morgan Investment Management.