Tikehau Capital Secures 23K SF Lease in Soloviev's 9 West 57th Street

The Soloviev Group has finalized a leasing agreement for 23,033 square feet at 9 W. 57th St. in Manhattan. Tikehau Capital is set to occupy the space located on the 45th floor. The landlord was represented by CBRE, while the tenant was represented by Avison Young.

Property Overview

Constructed in 1971, the building stands 50 stories tall, covering approximately 1.7 million square feet, which includes nearly 40,000 square feet of retail space. A $1.2 billion CMBS loan was secured against the property in 2016, originated by JPMorgan Chase and serviced by Wilmington Trust. Notable amenities of the building include a coffee bar, executive dining facilities, a hospitality area, and an 11,000-square-foot fitness center equipped with a golf simulator and a cold plunge spa pool. Among its occupants are Loews, Veritas Capital, and Qatar Investment Authority Advisory, with the Soloviev Group also using it as their corporate headquarters.

Prime Location and Accessibility

Situated in Midtown Manhattan, 9 W. 57th St. boasts proximity to Central Park and is within a short walking distance from MoMA. It also enjoys convenient access to various public transit options, including the 57 St. subway station.

Real Estate Market Insights

Avison Young Principal Roshan Shah represented Tikehau Capital in the leasing transaction, while CBRE Vice Chairmen Howard Fiddle and John Maher, along with other representatives, worked on behalf of the landlord. Fiddle was notably involved in negotiating a significant office lease for a law firm in Manhattan, marking the largest office lease of 2023.

As of January, Manhattan retained its status as the most expensive real estate market in the U.S., with listing rates averaging $68 per square foot, reflecting a 9.9 percent year-over-year decrease. However, the borough's vacancy rate stood at 16.5 percent, slightly higher than January 2023 but still below the national average of 18 percent.