Key Takeaways
- • Capital Fund Management, a Paris-based hedge fund with $19 billion in assets under management, has signed a long-term lease for 23,000 square feet across the entire 28th and 29th floors of BXP's 510 Madison Avenue at $160 per square foot asking rent.
- • CFM will relocate from its current offices at the Chrysler Building, moving approximately 10 blocks north to the corner of East 53rd Street and Madison Avenue, with occupancy targeted for March 2026.
- • The building offers significant amenities including an elite health club, newly constructed world-class conference center, and garden terrace on the sixth floor, alongside a 2012 lobby renovation with ongoing upgrades.
- • 510 Madison Avenue hosts a portfolio of institutional tenants including One Equity Partners (private equity), Anomaly Capital Management (hedge fund), and Declaration Partners (investment firm), positioning it as a hub for alternative asset managers.
- • CFM, founded in 1991, pioneered quantitative and systematic investing strategies and continues to expand its New York presence despite Manhattan's challenging commercial real estate environment.
Summary
Capital Fund Management, the Paris-headquartered hedge fund managing over $19 billion in assets, has committed to a long-term lease for 23,000 square feet at 510 Madison Avenue, owned by Boston Properties (BXP). The transaction, brokered by Lee & Associates NYC on the tenant side, reflects CFM's strategic decision to expand and upgrade its New York City office footprint in Midtown East, moving northward from its established location at the Chrysler Building.
The lease encompasses the entire 28th and 29th floors of the 30-story building, with asking rent established at $160 per square foot. CFM's relocation is scheduled for March 2026, providing the firm with a transition window from its current headquarters. Oliver Schupp, head of investor relations for North America at CFM, emphasized the location's convenience for clients and employees, alongside the building's modern amenities and planned infrastructure upgrades as key drivers of the lease decision.
510 Madison Avenue has become increasingly attractive to institutional capital. The building features an elite health club, a newly constructed world-class conference center, and a sixth-floor garden terrace. Beyond the 2012 lobby renovation, BXP is undertaking further upgrades to modernize the asset. The building already houses several prominent alternative investment firms, including One Equity Partners, Anomaly Capital Management, and Declaration Partners, establishing it as a preferred location for the hedge fund and private equity community.
CFM, established in 1991, became one of the earliest movers in quantitative and systematic investing, a competitive advantage that has supported its growth to $19 billion in AUM. The lease was negotiated by Richard Plehn and Lisa Ann Pollakowski of Lee & Associates NYC for the tenant, while BXP's in-house representatives Heather Kahn and Will Stark handled the landlord side. The transaction underscores sustained institutional demand for premium office space in Manhattan's Plaza district despite broader commercial real estate headwinds.
The lease encompasses the entire 28th and 29th floors of the 30-story building, with asking rent established at $160 per square foot. CFM's relocation is scheduled for March 2026, providing the firm with a transition window from its current headquarters. Oliver Schupp, head of investor relations for North America at CFM, emphasized the location's convenience for clients and employees, alongside the building's modern amenities and planned infrastructure upgrades as key drivers of the lease decision.
510 Madison Avenue has become increasingly attractive to institutional capital. The building features an elite health club, a newly constructed world-class conference center, and a sixth-floor garden terrace. Beyond the 2012 lobby renovation, BXP is undertaking further upgrades to modernize the asset. The building already houses several prominent alternative investment firms, including One Equity Partners, Anomaly Capital Management, and Declaration Partners, establishing it as a preferred location for the hedge fund and private equity community.
CFM, established in 1991, became one of the earliest movers in quantitative and systematic investing, a competitive advantage that has supported its growth to $19 billion in AUM. The lease was negotiated by Richard Plehn and Lisa Ann Pollakowski of Lee & Associates NYC for the tenant, while BXP's in-house representatives Heather Kahn and Will Stark handled the landlord side. The transaction underscores sustained institutional demand for premium office space in Manhattan's Plaza district despite broader commercial real estate headwinds.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.