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eFrak's 40 West 57th St has maintained its status as a prime office location since 1972, withstanding market fluctuations. The building is now nearly fully occupied at 750,000 square feet, thanks to recent deals that added 82,000 square feet of new and renewal leases.
A significant coup was securing Loro Piana's lease for the entire 21st floor, a 25,000-square-foot space previously occupied by the Italian luxury cashmere brand. The building's current tenant roster is predominantly finance-based, but CBRE's Howard Fiddle expects to attract more fashion industry tenants due to its growth.
Other notable deals include Lee Equity Partners' extension and expansion (25,000 sf), MHR Fund Management's new lease (14,231 sf), Two Creeks Capital Management's lease renewal (13,487 sf), and Andalusian Sports Advisors' new lease (4,250 sf). However, Elliott Management will vacate its non-contiguous spaces in July 2026 for a larger space at 280 Park Ave.
To capitalize on the impending availability, LeFrak is launching an upgrade program featuring a new lobby by KPF, modern elevators, and a second-floor amenities center with a cafe and landscaped outdoor terrace overlooking 57th Street. Nobu will manage the food program. Asking rents for higher floors will be $140 per square foot, up from $110 just a year ago.
