A private hedge fund manager is planning a lavish new office at the west side building he recently purchased in partnership with Georgetown Co for $255.5 Million. He is particular about a swimming pool and a tennis court at his new office which he hopes will be at the Eleventh Avenue building.
Mr Ackman wants to relocate his firm Pershing Square Management into his new 46,000 Sq Ft property located at 787 Eleventh Avenue. Close sources reveal that he has lavish plans for the office, where he wants to add two floors, totaling 60,000 Square Feet on top of the eight story building and also install a large outdoor roof deck with a tennis court and swimming pool.
These facilities are very important to him as he is an avid swimmer and a tennis player. He was close to leasing space at 250 W. 55th St, but had to back out of the deal when the owner of the West Side Tower, "Boston Properties" declined to create them.
Pershing Square which is currently located at 888 Seventh Avenue would occupy the entire glass-boxed addition and have exclusive use of the pool and the court. Georgetown which is the controlling owner of 787 Eleventh Avenue has still not agreed to the leasing deal with Pershing Square. It has also not given a green signal to Mr Ackman's bold vision for the company's new home there, however negotiations are on.
Previously owned by the Ford Motor Company, Georgetown has hired “Rafael Vinoly Architects” to work on a design for some renovation of the building. It is aiming to submit plans to the city's Department of Building for an upgrade sometime soon.
This property is far from public transit, so Mr Ackman hopes that Georgetown leaves large internal automobile ramps leading to the upper floors of the building so Pershing Square employees can drive right to their office's doorstep. It has the ramps since it was a car repair facility for Ford, Georgetown, However the ramps may be removed to create more rooms for more office space.
If Georgetown goes ahead with Mr. Ackman's vision for 787 Eleventh, the penthouse floors would offer an additional facility. This building does not have additional development rights, so Georgetown will have to remove the existing floors to build upward. This would create spaces with double height ceilings, a hard to find feature that will attract prospective tenants.
Mr Ackman isn't the only Hedge Fund manager who wants lavish office, there are many such investment firms who have created offices with over-the-top amenities. Moore capital, for instance made a deal to move into 11 Times Square when that tower's landlord, SJP Properties agreed to install a squash court in the space for the executives. Georgetown has hired a CBRE team led by Mary Ann Tighe, the brokerage's New York area CEO, to find tenants 787 Eleventh Ave.