Oaktree Capital Management Inks Lease at Vornado’s 1290 Sixth Avenue

Midtown’s office comeback continues with another large lease deal on Sixth Avenue.

Oaktree Capital Management inked a deal for 79,000-square-foot and will take over the entire 12th floor at Vornado’s 1290 Sixth Avenue, according to a source. The asking rent was $98 per square foot. The deal leaves only 120,000 square feet available at the Midtown Manhattan tower.

The Los Angeles-based investment manager is moving from Paramount Group’s 1301 Sixth Avenue.

A Vornado team represented the landlord in-house. CBRE’s John Nugent represented the tenant. The brokers did not respond to a request for comment.

Vornado is in the midst of a renovation at Midtown office tower, which will see an update of the lobby, a massive curtain wall and the addition of wellness amenities. Investment firm Neuberger Berman occupies the largest share of the property, where it signed in 2015 for 400,000 square feet.

The Trump Organization owns a 30 percent stake in the property through a partnership that restricts a sale until 2044. The property is among the assets in Trump’s portfolio at risk after a judge’s ruling in the New York trial centered on allegations Donald Trump inflated property values for financial benefit.

Midtown is riding a wave of leasing activity. Last year, the market had its highest yearly volume since 2018, according to Colliers. Sixth Avenue was already off to a strong start in 2025. The FDIC signed a lease this month for 148,000 square feet at Edward J. Minskoff Equities’ 1166 Sixth Avenue.

The neighborhood’s average asking rent of $78 per square foot is still about 9 percent below the March 2020 average, according to Colliers.