LeFrak’s 40 West 57th St. has been a prominent office location since 1972, largely untouched by market booms and burps. That track record continues with the completion of 82,000 square feet of new and renewal leases. The 750,000 square foot tower is nearly 100% full.
The most notable deal is a 25,000-square-foot lease for the entire 21st floor of Italian luxury cashmere brand Loro Piana, which is moving from 711 Fifth Avenue.
CBRE’s Howard Fiddle, LeFrak’s leasing team leader, said: Most of the building’s current tenants are financial professionals. ”
CBRE’s Paul Amrich, Neil King and Evan Fiddle represented Loro Piana.
The other transaction is the expansion and expansion of Lee Equity Partners (25,000 square feet). New lease (14,231 sq ft) for MHR Fund Management. Two Creeks Capital Management expansion (13,487 square feet). and a new lease (4,250 square feet) for Andalusia Sports Advisors.
A major relocation is planned for this tower. Paul Singer’s Elliott Management is leasing several noncontiguous spaces and plans to vacate the 150,000-square-foot building at 280 Park Avenue in July 2026.
“The building had outgrown it,” Fiddle explained.
With impending availability in mind, LeFrak has begun an upgrade program that includes a new lobby designed by KPF. new elevator. The second floor tenant amenity center features a cafe and a beautiful outdoor terrace overlooking 57th Street. The food program will be operated by Nobu, the tower’s retail tenant.
The asking rent for the upper floors will be $140 per square foot.
“A year ago, we were only asking $110,” Fiddle said.
