Latest Manhattan office recovery signal? Record rent
Manhattan’s office market had a milestone week. This week, hedge fund Castle Hook Partners signed a lease for a 53,000-square-foot penthouse at Related Companies’ 625 Madison Avenue. Castle Hook plans to occupy its space in the second half of 2029, the year Related’s project is scheduled to be completed. But the lease at the prominent office project didn’t just mark a win for the landlord. It set a new high bar for the market. Castle Hook is expected to pay up to $21.2 million in rent annually for its space. That breaks down to somewhere in the range of $350 […]
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