LeFrak’s 40 West 57th St. has been a prominent office location since 1972, mostly immune to market blips and burps. With the completion of 82,000 square feet of new and renewal leases, its track record remains intact. The 750,000 square-foot tower is nearly 100% full.
The most notable deal is a 25,000 square-foot lease on the whole 21st floor for Italian luxury cashmere brand Loro Piana, which is moving from 711 Fifth Ave.
CBRE’s Howard Fiddle, leader of LeFrak’s leasing team, noted, “Fashion is a big growth industry and we expect we’ll get more of it. The building’s current tenants roster is mostly finance.”
CBRE’s Paul Amrich, Neil King and Evan Fiddle repped Loro Piana.
The other deals are an extension and expansion for Lee Equity Partners (25,000 sf); a new lease for MHR Fund Management (14,231 sf); an extension for Two Creeks Capital Management (13,487 sf); and a new lease for Andalusian Sports Advisors (4,250 sf).
The tower has one large move-out coming up. Paul Singer’s Elliott Management, which leases several non-contiguous spaces, will leave in July 2026 for 150,000 sf at 280 Park Ave.
“They just outgrew the building,” Fiddle explained.
With the looming availability in mind, LeFrak has begun an upgrade program that includes a new lobby designed by KPF; new elevators; a second-floor tenants’ amenities center boasting a cafe and a landscaped outdoor terrace overlooking 57th Street. The food program will be run by Nobu, the tower’s retail tenant.
Asking rents on higher floors will be $140 per square foot.
“A year ago, we were only asking for $110,” Fiddle said.
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