Castle Hook Secures Top Two Floors at New York’s 625 Madison Avenue Tower
New York City, USA | September 30, 2026: Castle Hook Partners has signed a 15-year lease for the top two floors of Related Companies’ upcoming 625 Madison Avenue office tower in Manhattan, adding another major tenant to one of New York’s most closely watched commercial developments.
The deal covers the building’s 52nd and 53rd floors. The lease includes renewal options of up to 10 additional years, while the rental amount has not been disclosed. The agreement comes as Related attracts major corporate tenants to its new 53-story tower in Midtown East.
Castle Hook Takes the Tower’s Top Floors
The hedge fund manager will occupy the entire 52nd and 53rd floors of 625 Madison Avenue. The 15-year lease gives the firm a long-term presence in the planned office tower, although it remains unclear whether the deal represents a relocation from its current headquarters or an expansion.
Castle Hook currently lists its office at 767 Fifth Avenue, also known as the General Motors Building.
A Premium Office Development in Midtown Manhattan
625 Madison Avenue is a planned 53-story, 860,000-square-foot office tower near Central Park. Related has positioned the project as a premier office development and the first new ground-up tower of its kind in Manhattan’s Plaza District in decades.
Construction is expected to be completed in 2029, meaning tenants are committing to the building well ahead of its planned opening.
Related Adds Another Major Tenant
Castle Hook’s lease follows commitments from other prominent companies. Global investment firm General Atlantic has agreed to lease approximately 152,000 square feet across five floors, becoming the building’s anchor tenant.
Private equity firm Veritas Capital has also secured approximately 93,000 square feet, adding to the development’s growing tenant roster.
These agreements provide the project with substantial leasing commitments before completion.
Rental Rates Highlight the Building’s Positioning
Related is reportedly seeking rents ranging from $250 to $400 per square foot at 625 Madison Avenue, substantially above the reported Midtown Manhattan average asking rent of $85.55 per square foot.
The asking rates reflect the developer’s premium positioning for the tower. However, the rental amount agreed with Castle Hook has not been publicly disclosed, so the reported asking rates should not be treated as the lease’s confirmed rent.
What the Lease Means for Manhattan’s Office Market
The agreement adds to the leasing activity surrounding high-end office developments in Manhattan. Castle Hook’s decision to secure the top floors before the building is completed demonstrates demand from at least one major investment firm for space in the planned tower.
For office investors and property owners, the project’s leasing progress is a development to watch. However, the rents sought by Related and the commitments secured at 625 Madison Avenue do not, by themselves, establish market-wide demand or pricing trends.
What Happens Next
Construction at 625 Madison Avenue is expected to continue toward its planned 2029 completion. The next key developments will include further leasing announcements, construction progress and confirmation of the building’s final tenant mix.
For commercial property observers, the project’s ability to attract additional tenants at its targeted rental levels will be an important indicator of demand for new premium office space in Manhattan.