All but one involve expensively upgraded older towers, reflecting the so-called “flight to quality.” It’s common for a flurry of large deals to close before Jan. 1 in any given year, partly for tax purposes — and also, as one veteran player put it, “so the landlords, brokers, accountants and lawyers can get out of Dodge in time for their winter vacations.
The firm was formed earlier this year from the merger of Byron Trott’s BDT & Company and MSD Partners, which manages the wealth of Michael Dell and his family.A rep for Olayan had no comment. The tower — which a broker recently told us was “on fire in the midst of a terrible market” —was nearly 70% leased even before a BDT deal.
The Sixth Avenue tower is home to New York Post parent News Corp and to Fox Corp., which as we reported in January signed separate lease extensions through 2042. The media companies have a total of nearly 1.2 million square feet in the two 2 million square-foot tower owned by pension fund Ivanhoe Cambridge.Ropes & Gray is in “advanced discussions” to take 240,000 square feet of Warner Bros. Discovery sublease space at Related Companies’ 30 Hudson Yards.
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