Todd Boehly is parking more than just investment capital on Midtown’s most rarefied block.
His Miami-based investment firm Eldridge has signed a lease for roughly 20,000 square feet at 125 West 57th Street, the new 30-story office tower on Manhattan’s Billionaires’ Row. The move plants a high-profile corporate tenant on a strip better known for record-breaking condos than fresh office leases.
According to Bloomberg, Eldridge is taking about 20,000 square feet, or roughly 1,858 square meters, at 125 West 57th Street, citing people familiar with the transaction. Bloomberg reported that the details came from sources with direct knowledge of the deal.
About the Building
125 West 57th Street is a newly completed 30-story, 420-foot office tower developed by Alchemy-ABR Investment Partners together with Cain. It offers full-floor Class A office plates and a dedicated amenity level.
As detailed by New York YIMBY, the project includes dedicated tenant amenities, retail frontage and a new home for Calvary Baptist Church. Office space begins above the 14th floor, giving tenants long sightlines toward Central Park. JLL is handling leasing and marketing for the property.
Leasing Momentum On The Block
The building is not starting from zero on the tenant roster.
Commercial Observer previously reported full-floor leases by boutique investment firms at 125 West 57th Street and noted a July deal with AdaptHealth. That coverage highlighted that tenants are favoring new, amenitized space in Midtown, and JLL told the publication the tower is drawing especially discerning users.
Eldridge joining the mix adds another financial-sector name to a block that has been gradually testing whether trophy office space can coexist with ultra-luxury residential towers.
What The Deal Signals
Eldridge’s lease is another data point in a familiar story: even while overall office vacancy stays elevated, demand is clustering around newer, well-appointed buildings.
Market figures from Colliers’ Q2 2025 Manhattan report show Midtown asking rents for Class A space sitting in the high-$70s per square foot range, a reminder of why landlords are aggressively marketing amenity packages and full-floor layouts. Observers say features such as higher ceilings, private terraces and robust amenity floors are increasingly decisive for both boutique firms and larger institutional tenants choosing where to plant their flag.
Who Cain Is
Cain, the development partner on 125 West 57th Street, is an investment manager founded as a partnership between Jonathan Goldstein and Eldridge, according to the firm’s website. In other words, an Eldridge-backed group helped create the building that Eldridge is now moving into.
Some market watchers say that connection makes this particular tenancy notable, even if the lease itself appears to be an arm’s-length, market-rate deal. Cain describes its strategy as focusing on luxury, experiential projects in major global cities.
For Manhattan real estate watchers, Eldridge’s decision to take space on Billionaires’ Row will be viewed as one more sign that top-tier, amenitized office towers can still attract tenants when they offer the right mix of floorplates, views and services. Owners and brokers say they expect more activity as JLL continues to market the remaining full floors at 125 West 57th Street.
