Canadian asset manager Sagard Capital is expanding its Manhattan footprint.
The $27 billion Montreal-based firm inked a 10-year lease at SL Green and Vornado Realty Trust’s 280 Park Avenue, The Real Deal has learned.
Sagard will occupy 40,000 square feet on the 33rd and 34th floors, growing its footprint from 9,000 square feet on the 29th floor. The asking rent for the space was $130 per square foot.
Newmark’s E.N. Cutler and Noel Flagg represented Sagard in the deal. Vornado’s Edward Riguardi and Alex Bedell and a CBRE team led by Peter Turchin and Gregg Rothkin represented the landlord.
SL Green and Vornado entered a joint venture at the 1.3 million-square-foot property in 2011 and wrapped up a $150 million renovation in 2015. The real estate investment trusts gut-renovated the building’s lobby while making a host of other improvements, installing new elevators and upgrading systems.
The owners kicked in $100 million last year to extend the maturity rate on the building’s $1.1 billion in debt from September 2024. The loan was previously sent to special servicing in December 2023.
As of late 2023, the building was 93 percent occupied.
Other tenants in the 1960s building include investment bank PJT Partner and private equity firm Antares Capital. Last year, billionaire hedge fund manager Paul Singer’s Elliott Investment Management inked a new lease for 149,000 square feet.
The building spans the entire block of Park Avenue between 48th and 49th streets and is two blocks from Grand Central Terminal.
Representatives from Sagard, SL Green and Vornado did not immediately respond to requests for comment.
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