Apollo Expands Footprint at Solow Building
With Apollo Global Management’s fee-related earnings jumping by 40% in a 12-month period, the private equity giant needed more headquarters space. It has increased its footprint at Solow Management’s 9 W. 57th St., the Solow Building, from 135,000 square feet to 175,000 square feet, and is also subleasing more than 71,000 square feet from MetLife at 3 Bryant Park.
The sublease space was funded by a buyout from Aman Resorts’ Vladislav Doronin of Apollo’s 60,000-square-foot lease at 730 Fifth Ave., the New York Post reported. Doronin acquired the upper floors of 730 Fifth for $500 million in 2015, with plans to convert it to a luxury hotel and condominiums.
Although the buyout price is confidential, “it was significant enough to pay for the 3 Bryant Park move,” CBRE’s Stephen Siegel told the Post. Siegel led a CBRE team representing Apollo. JLL’s Scott Panzer represented Solow.
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