Taconic Capital, an investment firm unrelated to TaconicInvestment Partners, is relocating from 375 Park Ave. to the entireeighth floor of the 339,000-sf 450 Park Ave. building. Robert A.Silver, senior managing director of Newmark & Co. Real EstateInc. represented the tenant. Insignia/ESG, Inc. is the exclusiveleasing agent for the property. Details of the lease have not beendisclosed, but brokers involved with the property say asking rentsfor direct space are in the high $70s.

According to Taconic Investment senior vice president Jeffrey M.Sussman, Taconic Capital chose 450 Park "because of its location atPark and 57th, the great new York views, the charm of thebuilding," and the ongoing $12-million capital improvement programat the class A office asset. The new tenant will take occupancy inJanuary 2003.

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