The Related Cos. has signed two investment firms as the first office tenants at its under-construction Plaza District tower.
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Global investment firm General Atlantic is serving as the anchor tenant, with a 152K SF commitment to move its headquarters to Related's 53-story trophy office going up at 625 Madison Ave.
“When we began designing 625 Madison, General Atlantic was exactly the kind of prestigious and ambitious firm we had in mind as an anchor tenant,” Related CEO Jeff Blau said in a statement. “We are thrilled to have General Atlantic on board and look forward to delivering an exceptional new headquarters for their team.”
General Atlantic plans to move a 330-plus-person team to the building, according to a release. Talks between General Atlantic and Related were first reported by The Wall Street Journal in July.
Tech investment firm Veritas Capital Fund Management has also signed a deal for 93K SF at the skyscraper, according to Colliers' August Manhattan office report. Veritas, also mentioned in the WSJ's report, didn't immediately respond to a request for comment.
Saudi Arabia’s $1T Public Investment Fund reportedly bought a two-thirds stake in the development and had already invested $200M when demolition began last year. Located between 58th and 59th streets, 625 Madison is expected to open in 2029 with a full suite of amenities on the sixth floor and street-level retail plus a “flagship restaurant,” according to the release. Related is attempting to woo the Polo Club to the 680-foot skyscraper, the WSJ reported.
TOP LEASES
Launch Expeditionary Learning Charter School leased a 77K SF educational building from the Redemptorist Fathers of New York at 5902 Sixth Ave. in Sunset Park. The charter school, part of Launch Schools, will relocate to the property in July 2027 on a 15-year lease. Open Impact Real Estate’s Jake Cinti and Eshaan Gandhi represented the tenant. Cushman & Wakefield's Frank Liantonio, Jason Kroger, Jonathan Squires, Josh Neustadter and Austin Weiner represented the landlord.
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Havas Health expanded by 65K SF at 200 Madison Ave., a 750K SF tower owned by George Comfort & Sons along with partners Loeb Partners Realty and Jamestown. The deal — Manhattan's largest in August — extended Havas’ term for its space inside the 26-story skyscraper by a further 15 years, growing its footprint to 254K SF. George Comfort & Sons’ Peter Duncan and Alexander Bermingham represented the landlord in-house. Newmark’s David Falk and Jason Greenstein represented Havas.
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Artificial intelligence research startup Thinking Machines leased 22K SF at Kalimian Properties’ 79 Fifth Ave., Commercial Observer reported. The startup launched just a year and a half ago in San Francisco. Asking rents in the building were a little above $100 per SF, CO reported, citing an anonymous source. JLL’s Justin Haber, Kyle Riker and Emma Gill represented the tenant. Newmark’s David Falk, Daniel Levine and Dylan Weisman represented the landlord.
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KeyBank inked a 15-year renewal and expansion deal at Elecor Properties’ 1301 Sixth Ave., bringing its total footprint inside the building to 113K SF. The bank tacked on 15K SF to its existing space and now has all of floors 35 through 37 and portions of floors 28 and 38. JLL’s Matthew Astrachan, Justin Haber, Kyle Riker, Adam Hill and Bob Beckstedt represented KeyBank. Elecor Properties’ Peter Brindley, Douglas Neye and Sean Kirk represented the landlord in-house.
TOP SALES
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Manga Hotels spent $50M purchasing The Chelsea New York, Commercial Observer reported, citing public records. Lam Generation sold the 158-key hotel at 158-162 W. 25th St. to Manga for its second NYC hotel, following its February 2025 acquisition of the 160-key SoHo 54 Hotel at 54 Watts St.
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Jeremy Salzberg, co-founder and managing partner of Sugar Hill Capital Partners, sold the 51-unit multifamily loft building at 315 Siegel St. in East Williamsburg for $30M, property records show. The buyer was Jo-Ann Obergfell, who PincusCo reports is an executive with Ellio’s Pizza. CBRE’s Robert Shapiro and Ian Brooks represented the seller and found the buyer, according to a release.
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Building maintenance and contractor supplier F&F Supply acquired 1265 Oak Point Ave., a 50K SF industrial building in Hunts Point, for $21.6M, PincusCo reported. It’s unclear how much the property last sold for, but seller Manhattan Beer & Beverage Distributors founder Simon Bergson bought the building in 1986 and borrowed just under $2M to do so at the time.
TOP FINANCING DEALS
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Related Cos. landed a $421.5M loan with Bank of America to refinance its 179K SF office condo at 30 Hudson Yards, PincusCo reported. The new financing retires a previous $400M mortgage from the same lender. KKR owns the top 10 floors and the observation deck in the supertall building, the tallest in Hudson Yards.
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A&E Real Estate Holdings refinanced 160 Riverside Blvd. with a $295M loan from JPMorgan Chase, PincusCo reported. The new sum replaces a $285.8M mortgage from Affinius Capital on the 455-unit rental in Lincoln Square.
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The Domain Cos., BLDG Management and Canyon Partners scored a $175.6M construction loan from Wells Fargo for two mixed-use residential projects in Astoria, PincusCo reported. The developers filed plans in October for 429 apartments split between a 330-unit building and a 12-story, 99-unit building.
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