Hedge fund shatters Manhattan office rent record at Related’s 625 Madison

How does Related Companies follow up securing an anchor tenant for its prominent office development? By breaking the local rent record weeks later. Hedge fund Castle Hook Partners signed a lease for the 53,000-square-foot penthouse at 625 Madison Avenue in Midtown Manhattan, the Financial Times reported. The exact rent wasn’t disclosed, but it ranges from $350 to $400 per square foot, easily surpassing the $327.50 per square foot record set at Stefan Soloviev’s 9 West 57th Street earlier this year. The hedge fund is expected to pay up to $21.2 million in rent annually for its space at 625 Madison, […]

This article originally appeared on The Real Deal. Click here to read the full story.