As many of you know, for the last year or so, hedge fund manager Ken Griffin has started each morning by asking himself: "What can I do what would piss off my soon-to-be ex-wife?" For a while now, the answer has focused on acquiring real estate that will not be subject to whatever the terms of their divorce turn out to be, and that she will not get to enjoy living in. He started with an entire block in Palm Springs and followed up that up with a $200 million crash pad in NYC. And while the latest space isn't technically a residence, it still falls under the category of: "Here's a big pile o' cash you'll never get your hands on that I'm spending just for the f*ck of it" and thus satisfies his daily requirements.
The developer of 425 Park Ave., a 900-foot-tall luxury office tower under construction between East 55th and 56th streets, has signed a deal with the hedge fund Citadel to take over 200,000 square feet at the property for a record-breaking sum. The lease includes the building's penthouse, which Citadel has agreed to pay $300 per square foot to rent. That's about 50% more than previous peak rents in the city, which had topped out at about $200 per square foot. By comparison, rent in a Class A midtown office building averages about $80 per square foot. "This is the highest standard of building in the 21st century on the grand boulevard of America," said David Levinson, chairman and CEO of L&L Holding Co., the developer of 425 Park Ave. "It's blue on the Monopoly board. No one has created something like this.
Citadel to pay priciest rent in city history, if not the world [Crain's New York]