Vornado has welcomed LTS One, the holding company that overseas investments for Brazilian billionaires Jorge Paulo Lemann, Marcel Telles and Carlos Alberto Sicupira, to 650 Madison.
JLL brokered the 6,476 s/f seven year lease for the partial 15th floor at 650 Madison Avenue in the Plaza District on behalf of LTS One.
LTS One is a new investment partnership between LTS Investments and Munib Islam, former co-chief investment officer at Third Point LLC. The company was represented by Alexander Chudnoff, vice chairman, and Kristen Morgan, associate vice president, with JLL.
Vornado Realty Trust was represented by Mitch Konsker, David Kleiner and Frank Doyle, vice chairmen and Daniel Turkewitz, executive managing director, with JLL alongside Jared Solomon, vice president at Vornado Realty Trust.
LTS Investments is the holding company and investment office that oversees investments for 3G Capital cofounders Lemann, Telles and Sicupira, best known for helping build companies like Anheuser-Busch InBev, fast food holding company Restaurant Brands and for partnering with Warren Buffett’s Berkshire Hathaway to create food company Kraft Heinz.
Located in the heart of the Plaza District on Madison Avenue between 59th Street and 60th Street, the 28-story, 595,000 s/f 650 Madison Avenue is home to the world headquarters of Polo Ralph Lauren.
“The space at 650 Madison was beautifully built and fully furnished, which meant that LTS One could get up and running very quickly, which was their main objective,” Morgan said.
