Key Takeaways
- • Alphadyne Asset Management renewed its 43,872-square-foot, three-floor lease at 17 State Street in Manhattan's Financial District, with asking rent ranging between $65–$75 per square foot; lease terms and exact rental amount were not disclosed.
- • Alphadyne has maintained continuous occupancy at 17 State Street since 2005, demonstrating long-term commitment to the Financial District location despite market volatility in Manhattan office real estate.
- • RFR, the building owner, simultaneously closed five tenant renewals totaling 68,362 square feet, signaling stabilization and demand from established financial services and professional services firms in the 550,000-square-foot asset.
- • Additional renewals at 17 State Street included Bressler, Amery & Ross (law firm, 8,243 SF since 1995), Atlantic Specialty Coffee (6,167 SF since 1994), Samson Funding (6,181 SF since 2021), and Friendly Capital (3,899 SF since 2003), representing a mix of alternative investment, professional services, and commodity-focused tenants.
- • RFR's in-house team (AJ Camhi, Paul Milunec, Ryan Silverman) led negotiations; Alphadyne was represented by Silvio Petriello of CBRE, while other tenants were serviced by Cresa and CBRE brokers.
Summary
Alphadyne Asset Management, an alternative investment management firm, has renewed its substantial 43,872-square-foot lease spanning three floors at 17 State Street in Lower Manhattan. The renewal represents an early extension of the firm's existing occupancy, with RFR, the building's owner, announcing the transaction without disclosing specific lease length or final rental rates. Market-rate asking rent for comparable space at 17 State Street ranges from $65 to $75 per square foot, according to sources familiar with the deal.
The lease renewal underscores Alphadyne's two-decade relationship with the property, having maintained continuous tenancy since 2005. This long-term presence reflects the firm's strategic commitment to the Financial District despite broader challenges in Manhattan office real estate, where alternative asset managers have increasingly evaluated hybrid work arrangements and satellite office strategies. The early renewal suggests confidence in both the property and the downtown office market's viability for investment management operations.
RFR capitalized on momentum at the asset by completing a broader portfolio of tenant renewals simultaneously. Beyond Alphadyne, the building secured commitments from Bressler, Amery & Ross (a law firm established at the property in 1995, renewing 8,243 square feet), Atlantic Specialty Coffee (a commodity services firm specializing in coffee, cocoa, and cotton operations, renewing 6,167 square feet since 1994), Samson Funding (a small and midsize business capital provider renewing 6,181 square feet since 2021), and Friendly Capital (an asset management firm renewing 3,899 square feet since 2003). The five renewals collectively totaled 68,362 square feet, demonstrating meaningful tenant retention and reducing lease expiration risk for RFR's 550,000-square-foot tower.
RFR's in-house brokerage team—AJ Camhi, Paul Milunec, and Ryan Silverman—represented the landlord across all transactions. Alphadyne was represented by Silvio Petriello of CBRE; other tenants were serviced by brokers including Robert Goodman of Cresa and Michael Rizzo and Richard Levine of CBRE. The coordinated execution of multiple renewals highlights RFR's strategic asset management approach and the relative stability of the 17 State Street tenant roster, which spans investment management, legal services, commodity trading, and business finance sectors.
The lease renewal underscores Alphadyne's two-decade relationship with the property, having maintained continuous tenancy since 2005. This long-term presence reflects the firm's strategic commitment to the Financial District despite broader challenges in Manhattan office real estate, where alternative asset managers have increasingly evaluated hybrid work arrangements and satellite office strategies. The early renewal suggests confidence in both the property and the downtown office market's viability for investment management operations.
RFR capitalized on momentum at the asset by completing a broader portfolio of tenant renewals simultaneously. Beyond Alphadyne, the building secured commitments from Bressler, Amery & Ross (a law firm established at the property in 1995, renewing 8,243 square feet), Atlantic Specialty Coffee (a commodity services firm specializing in coffee, cocoa, and cotton operations, renewing 6,167 square feet since 1994), Samson Funding (a small and midsize business capital provider renewing 6,181 square feet since 2021), and Friendly Capital (an asset management firm renewing 3,899 square feet since 2003). The five renewals collectively totaled 68,362 square feet, demonstrating meaningful tenant retention and reducing lease expiration risk for RFR's 550,000-square-foot tower.
RFR's in-house brokerage team—AJ Camhi, Paul Milunec, and Ryan Silverman—represented the landlord across all transactions. Alphadyne was represented by Silvio Petriello of CBRE; other tenants were serviced by brokers including Robert Goodman of Cresa and Michael Rizzo and Richard Levine of CBRE. The coordinated execution of multiple renewals highlights RFR's strategic asset management approach and the relative stability of the 17 State Street tenant roster, which spans investment management, legal services, commodity trading, and business finance sectors.
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