Bill Ackman’s Pershing Square Capital Management and the Pershing Square Foundation will finally be moving into their new home in the office building located at 787 11th Avenue in Manhattan. The lease was signed after months of speculation and the move will be made early next year.
Pershing Square will take up the entire ninth and tenth floors of the building for a total of 67, 000 square feet of space. The company signed a 15 year lease.
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The move is coming at a time when Pershing Square is bleeding money in part because of Bill Ackman’s failed shorting of Herbalife stock.
The new offices will feature a roof garden and tennis courts. The building is located between West 54th and West 55th Streets, just one block east of 12th Ave and the Hudson River.
Adam Flatto, the CEO of The Georgetown Company which owns the property, said, “Hell’s Kitchen is a great live, work, play community with wonderful restaurants, services, transportation options and entertainment. This is a neighborhood that will continue to grow and we’re pleased to welcome Pershing Square to the building.”
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— Bill Ackman Blog (@BillAckmanBlog) November 2, 2016
From the building’s website:
“787 Eleventh Avenue is a building deeply rooted in the fabric of NYC’s great history. Originally designed by Albert Kahn, it is undergoing a dramatic transformation under the careful eye of Rafael Viñoly. A new lobby, extended ceiling heights, floor to ceiling windows and soaring double height space are breathing new life into an iconic building resulting in expansive, light-filled floors. Coupled with the building’s unique features and amenities, 787 Eleventh Avenue will appeal to those looking for a singular office that combines the authentic with the new and promotes a balanced lifestyle.”