Key Takeaways
- • Castle Hook Partners signed a 15-year lease for approximately 53,000 square feet of penthouse space at 625 Madison Avenue, committing to $21.2 million annually—believed to be the highest office rent ever recorded in New York City.
- • The lease pricing ranges from $350 to $400 per square foot annually, surpassing the previous 2026 NYC record of $327.50 per square foot paid by an international family office at a Soloviev Group property.
- • The $11 billion macro hedge fund will occupy the top two floors of Related Companies' new 53-storey tower overlooking Central Park, with occupancy expected in the second half of 2029.
- • Castle Hook, founded in 2016 by former Soros Fund Management executive David Rogers, operates a lean 35-person team and is relocating from its current headquarters at the General Motors Building on Fifth Avenue.
Summary
Castle Hook Partners, a macro-focused hedge fund with approximately $11 billion under management, has secured office space at one of Manhattan's most prestigious addresses at record-breaking rental rates. The firm committed to a 15-year lease for the top two floors of Related Companies' 625 Madison Avenue tower, a new 53-storey development overlooking Central Park. The total annual rent of $21.2 million translates to $350–$400 per square foot—a benchmark that surpasses the previous New York City office rental record established earlier in 2026, when an international family office agreed to pay an average of $327.50 per square foot for space in a Midtown tower owned by Soloviev Group.
The penthouse commitment spans approximately 53,000 square feet and reflects the premium positioning of both the building and the tenant. Castle Hook, founded in 2016 by David Rogers, a veteran of Soros Fund Management, currently operates from the General Motors Building on Fifth Avenue. The relocation underscores the firm's growth trajectory and desire for flagship office presence in New York's most competitive real estate market. The hedge fund maintains a relatively small operational footprint of 35 employees, according to its latest regulatory filing, suggesting the expansive space may accommodate future headcount growth or serve as a strategic statement of institutional permanence.
Occupancy is scheduled to commence during the second half of 2029 upon completion of the tower. The long-term lease commitment during a period of elevated commercial real estate valuations signals confidence in the hedge fund's capital-raising prospects and operational stability.
The penthouse commitment spans approximately 53,000 square feet and reflects the premium positioning of both the building and the tenant. Castle Hook, founded in 2016 by David Rogers, a veteran of Soros Fund Management, currently operates from the General Motors Building on Fifth Avenue. The relocation underscores the firm's growth trajectory and desire for flagship office presence in New York's most competitive real estate market. The hedge fund maintains a relatively small operational footprint of 35 employees, according to its latest regulatory filing, suggesting the expansive space may accommodate future headcount growth or serve as a strategic statement of institutional permanence.
Occupancy is scheduled to commence during the second half of 2029 upon completion of the tower. The long-term lease commitment during a period of elevated commercial real estate valuations signals confidence in the hedge fund's capital-raising prospects and operational stability.
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