Silver Lake Said in Talks to Move NYC Offices to 55 Hudson YardsBy and
Private equity firm now has space at 9 W. 57th St. in Midtown
Silver Lake said to seek 50,000 square feet in west-side tower
Private equity firm Silver Lake is in advanced talks to move its New York offices to 55 Hudson Yards, a skyscraper being built on Manhattan’s far west side, a person with knowledge of the discussions said.
The company, which now has offices at 9 W. 57th St. in Midtown, is seeking about 50,000 square feet (4,600 square meters) in the tower, said the person, who asked not to be named because the negotiations are private. The company, with about $24 billion under management, focuses on technology investing.
A move would make Silver Lake the second prominent financial company to agree to leave the tower known as 9 West -- which has unobstructed views of Central Park and charges some of the city’s highest office rents -- to go to Hudson Yards. The first was KKR & Co., which in 2015 agreed to buy about 343,000 square feet at 30 Hudson Yards. That 90-story skyscraper will be the tallest building at the $25 billion Hudson Yards project, which Related Cos. is developing west of 10th Avenue between 30th and 34th streets.
Representatives for Silver Lake and Related declined to comment. A representative for the Solow Organization, which controls 9 West, didn’t return a call. The talks were reported yesterday by Axios, a business website.
Silver Lake -- whose largest offices are in Menlo Park, California, and New York -- has been involved in some of the most successful technology leveraged buyouts, including those of Skype Technologies SA and Seagate Technology Plc. The firm made a splash in 2013 when, along with Michael Dell, it acquired computer maker Dell Inc. in a $24.9 billion LBO.
At 55 Hudson Yards, Silver Lake would join Steven Cohen’s Point72 Asset Management, which last year agreed to take about 175,000 square feet in the 1.3 million-square-foot building, and law firms Milbank Tweed Hadley & McCloy LLP and Boies Schiller & Flexner LLP. The tower, which Related is co-developing with Mitsui Fudosan Co. and the Ontario Municipal Employees Retirement System, is scheduled to be completed next year.
The 1.4 million-square-foot tower at 9 W. 57th St. is about 29 percent vacant, according to leasing-data firm CoStar Group Inc.