Castle Hook Partners Sets New York Office Lease Record At 625 Madison

Castle Hook Partners has agreed to a record-setting office lease at Related Cos.' planned tower at 625 Madison Avenue in Manhattan, Bisnow reported. According to JLL, the hedge fund will pay $375 per square foot for the two-story penthouse atop the upcoming trophy office building. [1]

Bisnow reported that this transaction marks at least the third time in 2026 that a new record has been set for the most expensive office lease in New York City history. JLL noted that Castle Hook Partners is one of 11 companies that have agreed to pay over $300 per square foot in rent for Manhattan office space so far this year, reaching a price threshold that was nearly unprecedented prior to 2026. [1]

Prior to the Castle Hook Partners agreement, the New York City rent record was broken last month when Sentinel Capital Partners paid $340 per square foot to expand its office footprint, according to JLL as reported by Bisnow. [1]

Other major commercial properties in Midtown Manhattan include 399 Park Avenue, a 41-story office building spanning the block between Park Avenue, Lexington Avenue, 53rd Street, and 54th Street, which served as Citigroup's headquarters from 1961 until 2015 [3]. Meanwhile, financial market players in the hedge fund sector include Citadel LLC, founded by chief executive officer Kenneth Cordele Griffin [2]. [2][3]