Lease at 450 Park Ave Fetches $165/sf rent

BlueCrest Capital Management has signed a lease for 21,640 square feet spanning the entire 30th and 31st floors at 450 Park Avenue. The significance of the 15-year deal is the $165 per square foot rent that the hedge fund will be paying. As a result of the deal, BlueCrest will be relocating and downsizing from its current 34,490-square-foot office at 767 Fifth Avenue.