December 13, 2022
Hedge Fund, Electromechanical Company Take Space at 106 West 56th Street
By Celia Young –
Politan Capital Management signed a five-year lease for 3,482 square feet on the entire 10th floor, while Electra USA inked a 10-year deal for 2,492 square feet on the full 26th floor, according to landlord Savanna.
Asking rents at the property range from $90 to $186 per square foot, said CBRE’s Caroline Merck, who represented Savanna in both deals with colleagues Peter Turchin, Christie Harle and Brad Auerbach.
Politan, a hedge fund started last year by activist investor Quentin Koffey, plans to move into its first-ever offices in the summer of 2023, and was drawn to the property’s smaller floorplates that allowed it to have a full floor to itself, Merck said.
“A lot of times tenants of this size — if they’re in a much larger typical office building — they share their floor with other tenants,” Merck said. “A lot of times they’re down a long corridor and they have to share a bathroom. But this building gives these high-end tenants the ability to control their own floor.”
Ben Friedland, Jason Pollen and Hannah Gerard, also of CBRE, represented Politan.
Electra USA — which owns stakes in New York electrical companies — also scored its own floor at the penthouse of the 26-story property, and it didn’t hurt that Savanna promised to fully furnish it, said tenant broker Joseph Genovesi of Savills.
“They wanted to be in a new, top-flight, Class A building,” Genovesi said. “They certainly liked the idea that they could be on the top floor, and Savanna is a great landlord.”
It was not immediately clear if Electrica USA plans to relocate from its New York headquarters at 5 Columbus Circle or if it would keep its old space. A spokesperson for the company did not immediately respond to a request for comment.
Other tenants at the building between Seventh Avenue and Avenue of the Americas include real estate investment firms Arkhouse Management, Conti Texas Organization and CommonWealth Partners.