Kushner Cos. is moving from its headquarters at 666 Fifth Avenue to the top floor of the General Motors Building, according to the Wall Street Journal. The company is subleasing 20,500 square feet of space on the 50th floor for 10 years from Itaú Unibanco Holding SA, Brazil’s largest bank.
- Be Smart: Kushner is paying about $100 per square foot, about half of what Itaú is paying.
- Backdrop: The family has been looking for new digs following its distressed sale of control of 666 Fifth Avenue to Brookfield Asset Management in the summer of 2018. Brookfield signed a 99-year lease that valued the office portion of the building at $1.29 billion, and launched a $400 million makeover. The deal provided Kushner an upfront sum that allowed the family to pay off the outstanding $1.2 billion mortgage on the property. [WSJ]