Carmel, Calif.-based alternative investment manager Welton Investment Partners is moving its New York City offices to 8,095 square feet in Vornado Realty Trust’s 888 Seventh Avenue between West 56th and West 57th Streets, a source told Commercial Observer.
The firm won’t have to move far as its New York City office is at Carnegie Hall Tower at 152 West 57th Street between Avenue of the Americas and Seventh Avenue.
At 888 Seventh Avenue, Welton signed a 10-year deal on Dec. 31 with an asking rent in the $130s per square foot, the source, who has intimate knowledge of the deal, said.
Welton will share the 40th floor of the 47-story building with Jonathan Soros‘ JS Capital Management.
The 875,000-square-foot, 46-story building at 888 Seventh Avenue is two blocks from Central Park and adjacent to Carnegie Hall. It is home to Vornado’s headquarters, offices for Bill Ackman‘s hedge fund company Pershing Square Capital Management, private equity investment giant TPG Capital and private equity firm Lone Star Funds. Retail tenants are Brooklyn Diner and Red Eye Grill.
Jared Solomon of Vornado represented the landlord in the transaction and Cushman & Wakefield’s Kelly Broderick brokered the deal on behalf of Welton. Mr. Solomon wasn’t reachable and a spokesman for Cushman & Wakefield didn’t immediately respond to a request for comment.