KK&R, also known as Kohlberg Kravis Roberts & Co, the famous leveraged buy-out kings of the 1980s has taken over a large amount of Manhattan office space that had been occupied by Facebook’s parent, Meta Platforms Inc, according to The Wall Street Journal.
“The private-equity company last month signed a lease for around 220,000 square feet at 30 Hudson Yards on Manhattan’s west side, nearly doubling the size of its headquarters in the building, according to KKR and the landlord, Related Companies,” according to the article.
“KKR’s new lease is a dose of good news for New York City’s slumping office market, which has come under pressure during the Covid-19 pandemic when many companies turned to remote work or hybrid policies. These new work habits, and more recently layoffs at tech firms and financial services companies, are cutting into office demand and pushing up vacancy rates.”
The article called it the latest sign “that modern buildings can continue to attract tenants despite the rise of remote work and recession risks.”