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 headquarters at the Chrysler Building approximately 10 blocks north to the corner of East 53rd Street and Madison Avenue, with occupancy targeted for March 2026.
- • The 30-story building at 510 Madison Avenue houses multiple alternative investment tenants, including One Equity Partners, Anomaly Capital Management, and Declaration Partners, positioning it as a hub for institutional investment firms in Midtown East.
- • CFM, founded in 1991, is among the pioneering firms in quantitative and systematic investing strategies, and the relocation reflects broader confidence in the Midtown East office market among institutional asset managers.
Summary
Capital Fund Management, the Paris-headquartered hedge fund managing approximately $19 billion in assets, has committed to a long-term lease for 23,000 square feet at 510 Madison Avenue, the flagship Manhattan office tower owned and operated by Boston Properties (BXP). The hedge fund will occupy the entire 28th and 29th floors of the 30-story building located at the corner of East 53rd Street and Madison Avenue, with asking rent set at $160 per square foot. The transaction was brokered by Lee & Associates NYC, with Richard Plehn and Lisa Ann Pollakowski representing CFM on the tenant side, while BXP's internal team of Heather Kahn and Will Stark handled the landlord's interests.
The lease agreement represents a strategic relocation for CFM, which will vacate its long-standing offices at the Chrysler Building, moving approximately 10 blocks north in Midtown East. The firm expects to take occupancy in March 2026. Oliver Schupp, CFM's head of investor relations for North America, cited multiple factors driving the decision, including the building's prime Midtown location, proximity to clients and employees, and the property's recently upgraded amenities. Schupp highlighted the building's elite health club, newly constructed world-class conference center, and sixth-floor garden terrace, as well as ongoing capital improvements at the 2012-renovated property.
CFM's move underscores continued institutional investor appetite for premium Manhattan office space among alternative investment managers. Founded in 1991, CFM established itself as a pioneering firm in quantitative and systematic investing methodologies. The building already serves as an address for other significant institutional tenants, including private equity firm One Equity Partners, hedge fund Anomaly Capital Management, and investment manager Declaration Partners, positioning 510 Madison Avenue as a convergence point for alternative capital in New York's Midtown East financial district. The transaction reinforces Boston Properties' position as a preferred landlord for institutional investment firms navigating Manhattan's competitive office leasing market.
The lease agreement represents a strategic relocation for CFM, which will vacate its long-standing offices at the Chrysler Building, moving approximately 10 blocks north in Midtown East. The firm expects to take occupancy in March 2026. Oliver Schupp, CFM's head of investor relations for North America, cited multiple factors driving the decision, including the building's prime Midtown location, proximity to clients and employees, and the property's recently upgraded amenities. Schupp highlighted the building's elite health club, newly constructed world-class conference center, and sixth-floor garden terrace, as well as ongoing capital improvements at the 2012-renovated property.
CFM's move underscores continued institutional investor appetite for premium Manhattan office space among alternative investment managers. Founded in 1991, CFM established itself as a pioneering firm in quantitative and systematic investing methodologies. The building already serves as an address for other significant institutional tenants, including private equity firm One Equity Partners, hedge fund Anomaly Capital Management, and investment manager Declaration Partners, positioning 510 Madison Avenue as a convergence point for alternative capital in New York's Midtown East financial district. The transaction reinforces Boston Properties' position as a preferred landlord for institutional investment firms navigating Manhattan's competitive office leasing market.
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