Taconic Capital gets on expansion roll

Real Estate Weekly, Sept 8, 2004

Taconic Capital Advisors has signed a 10-year lease for an additional 7,000 s/f at 450 Park Ave., according to Andrew Nick, principal and director of asset management for Taconic Investment Partners, the building's co-owner. The firm now occupies 17,000 s/ f, the building's entire eighth floor and part of the ninth floor.

The investment company plans to lease the ninth floor's remaining 3,000 s/f within a year.

Taconic Capital, an investment firm unrelated to Taconic Investment Partners, is headed by two former general partners at Goldman Sachs, Ken Brody and Frank Brosens. Mr. Brody is a former president and chairman of the Export-Import Bank of the United States. The firm has been headquartered at the building since September 2002.

"It speaks to our prime location and excellent services and amenities that a high-caliber company such as Taconic Capital is further solidifying its commitment to our building," said Mr. Nick. "We're delighted to have them as a tenant."

Robert A. Silver, senior managing director of Newmark & Company Real Estate, Inc., represented the tenant in the transaction.

CB Richard Ellis, the building's exclusive leasing agent, and Taconic Management Company LLC, the property manager, negotiated the deal on behalf of building ownership.

450 Park Ave. is a 33-story, 339,000 s/f class A office building on the southwest corner of 57th Street. The building recently underwent a $12 million building enhancement program that encompassed all building systems, the lobby and plaza, as well as all common areas.

Taconic Investment Partners acquired the building in Jane 2002 through a joint venture with the New York State Common Retirement Fund. Taconic Management Company LLC serves as property manager for the property.