Colony NorthStar, a real estate firm run by Donald Trump ally and mega-donor Tom Barrack, is moving its East Coast headquarters next door to Trump Tower.
Barrack created a Super PAC for Trump's presidential campaign and chaired his inauguration committee. His real estate finance firm, Colony Capital, merged with NorthStar Realty Finance last year. With the original companies having separate headquarters (Colony at 712 Fifth Ave., NorthStar at 399 Park Ave.), the new firm was in need of a unified space. It found it at 590 Madison Ave., which shares an atrium with Trump Tower.
Colony NorthStar will occupy nearly 40K SF at 590 Madison, comprising the entire 34th floor and part of the 33rd within shouting distance of the president's New York residence, where first lady Melania Trump still resides full time.
Barrack's firm's new lease, for which JLL provided representation, is the first since 2014 in the Plaza District to be at least 25K SF and worth more than $100/SF. The State Teachers Retirement System of Ohio (STRS Ohio) owns 590 Madison, and was represented by CBRE.
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