Castle Hook Leases Top Two Floors at 625 Madison

Castle Hook Partners has signed a 15-year lease covering the entire 52nd and 53rd floors of 625 Madison Avenue, according to a memorandum of lease filed in New York City records. The floors are the top two of the 53-storey tower developed by Related.

The filing does not disclose financial terms. Brokers marketing space at the building have listed rents for upper floors at as much as $400 per square foot, but the specific rate for Castle Hook’s lease was not released. The memorandum confirms the length of the primary term and landlord options that could extend occupancy by an additional 10 years.

Castle Hook lists its headquarters at 767 Fifth Avenue, the building known as the General Motors Building. The lease filing does not state whether the space at 625 Madison represents a relocation or an expansion of the firm’s offices.

Related is positioning 625 Madison as a new office tower on Manhattan’s Upper East Side. A recent market report shows General Atlantic agreed to take 152,000 square feet across five floors at the development, and Veritas Capital has been linked to roughly 92,743 square feet.

The Castle Hook lease increases the number of investment-sector tenants at the property and is among several large, long-term agreements at 625 Madison.

There were no public comments from Castle Hook, Related or the building’s leasing representatives when the lease was recorded. Developer marketing materials indicate the high-end floors have been marketed to institutional and private-equity tenants.