Global investor Todd Boehly’s Eldridge Industries has signed a lease for the top floors of a newly built boutique office tower with direct Central Park views on New York’s Billionaires’ Row.
Eldridge, a Miami‑based private holding company with interests in ventures spanning insurance, asset management, real estate, sports and media, leased about 20,000 square feet across the top two floors of the 30‑story building at 125 W. 57th St., building owners Alchemy‑ABR Investment Partners and Cain told CoStar News. Cain is a real estate investment firm founded in partnership with Eldridge.
Billionaires’ Row is a stretch of midtown Manhattan centered on West 57th Street near Central Park, defined by ultra‑luxury, often supertall towers with some of the priciest real estate in the world. The deal underscores the widening divide in New York’s office market, where newly built or renovated trophy towers with amenities such as outdoor space and Central Park views are capturing outsized pricing power.
Through Eldridge, Boehly — a billionaire himself — controls the assets and rights to the Golden Globe Awards and media brands including Variety, Rolling Stone, Billboard and The Hollywood Reporter, according to media reports. Separately, he is a co‑owner of Chelsea FC, the Los Angeles Dodgers and the Los Angeles Lakers. Eldridge also has a stake in Bruce Springsteen’s songwriting catalog though a partnership with Sony Music Publishing.
Asking rents at the property range from $200 to $300 per square foot, the landlord said, without disclosing the terms of Eldridge’s lease.
Nearby another trophy office tower, 9 W. 57th St., recently landed what’s billed as New York’s highest‑priced office lease on a per‑square‑foot basis. Industry professionals say proximity to Central Park is viewed by tenants as an amenity in its own right.
Eldridge is relocating from Brookfield Properties’ General Motors Building at 767 Fifth Ave., where CoStar data shows the firm occupies about 38,000 square feet under a lease signed in 2022.
Eldridge didn’t immediately respond to a CoStar News request for comment. The firm also has offices in markets including Abu Dhabi, London, Chicago, Miami, Dallas and Atlanta, according to its website.
The deal follows a surge in top‑tier office leasing activity last year, as tenants increasingly paid premium rents to secure scarce, high‑quality space in the flight-to-quality trend. Manhattan logged 313 office leases starting at $100 per square foot or higher in 2025, including 28 deals with starting rents of $200 per square foot or more, according to a JLL study.
Vacancy among the city’s in‑demand trophy office stock has fallen to 3.4% as tenant demand continues to outweigh supply, Marc Holliday, chief executive of SL Green Realty, New York’s largest office landlord, said Thursday during a quarterly earnings call.
Tower offers natural light, range of amenities
125 W. 57th, designed by FXCollaborative, features offices beginning on the 14th floor — more than 175 feet in the air, according to ownership. The offices feature ceiling heights exceeding 14 feet and floor‑to‑ceiling windows that flood the spaces with natural light.
The property totals about 261,000 square feet, CoStar data shows.
The lower floors house the lobby, retail space, an amenities floor on the 11th level and Calvary Baptist Church, a spokesperson for the building owners told CoStar News.
The amenities floor, designed by Gensler, features a conference center, lounge, event space with catering facilities, private meeting rooms and a more than 4,300‑square‑foot wraparound terrace.
Eldridge’s lease “reflects a broader shift we’re seeing among top‑tier tenants prioritizing quality and long‑term value in their office spaces,” Mitchell Konsker, vice chairman at JLL and head of leasing at the property, said in a statement. “The building’s boutique floor plates, expansive views, highly amenitized space with outdoor experience and premier location set it apart in today’s market.”
Other recent leases at the building include commitments of just under 10,300 square feet each by investment firms Jadian Capital and Kingdon Capital Management, as well as medical equipment company AdaptHealth. Ten Five Hospitality, known for its Mother Wolf restaurants in Miami, Las Vegas and Los Angeles, is slated to open a new concept on the ground floor.