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	<title>The Commercial Observer &#187; Country&#8217;s Biggest Landlord Picks 230 Park for NYC HQ </title>
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		<title>The Commercial Observer &#187; Country&#8217;s Biggest Landlord Picks 230 Park for NYC HQ </title>
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		<title>Country&#8217;s Biggest Landlord Picks 230 Park for NYC HQ</title>

		<comments>http://commercialobserver.com/2010/10/countrys-biggest-landlord-picks-230-park-for-nyc-hq/#comments</comments>
		<pubDate>Wed, 06 Oct 2010 20:04:27 -0400</pubDate>
					<link>http://commercialobserver.com/2010/10/countrys-biggest-landlord-picks-230-park-for-nyc-hq/</link>
			<dc:creator>Laura Kusisto</dc:creator>
				
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		<description><![CDATA[<p><img class="alignleft" src="http://nyocommercialobserver.files.wordpress.com/2011/06/230parkavenight2-med.jpg" /><strong>230 Park Avenue</strong></p>
<p class="Normal" style="margin-top: 12pt">The shine on the Helmsley Building has grown so bright lately it&rsquo;s caught the attention of the country&rsquo;s largest real estate company.</p>
<p class="Normal" style="margin-top: 12pt">Indiana-based <span class="Normal__Char" style="font-weight: bold"> Simon Property Group</span>, which owns 263 million square feet of leasable space around the world (mostly via malls), will move its New York headquarters to <span class="Normal__Char" style="font-weight: bold">11,652 square feet</span> on the 22nd floor of <span class="Normal__Char" style="font-weight: bold">230 Park Avenue</span>.</p>
<p class="Normal" style="margin-top: 12pt">That brings the space leased in the building so far this year to<span class="Normal__Char" style="font-weight: bold"> 200,000 square feet</span>, <strong>Brian Robin</strong>, of landlord <strong>Monday Properties</strong>, told <span class="Normal__Char" style="font-style: italic">The Commercial Observer</span>. &ldquo;The building always leases well&rdquo; when the market is strong, he said. And strong the Manhattan office seems, with new leasing activity up 65.8 percent for the first nine months of this year, according to a recent CB Richard Ellis report.</p>
<p class="Normal" style="margin-top: 12pt">&ldquo;We&rsquo;re doing a good job of communicating to the market and offering fair pricing,&rdquo; Mr. Robin said. The deal is for <span class="Normal__Char" style="font-weight: bold">10 years</span> and asking rents in the tower portion of the building are in the <span class="Normal__Char" style="font-weight: bold">mid-$60s</span>, Mr. Robin said.</p>
<p class="Normal" style="margin-top: 12pt">Other tenants that have signed in 230 Park in the last year include a well-heeled mixed bag: Six Flags, Stanley Tools, Encyclop&aelig;dia Britannica and law firms Satterlee Stephens Burke &amp; Burke LLP and Lathrop &amp; Gage. About 90 percent of the space leased this year has been renewals. &ldquo;It&rsquo;s pretty clear that once tenants come here, they find a reason to stay,&rdquo; Mr. Robin said.</p>
<p class="Normal" style="margin-top: 12pt">Of course, it can&rsquo;t hurt that the iconic tower recently became the first landmarked building in the city to achieve LEED Gold Status, adding a trendy splash of green to some classic gold.</p>
<p><strong>Laurence Briody </strong>and <strong>Anthony LoPresti </strong>of <strong>CB Richard Ellis</strong> represented the tenant. <strong>Paul Amrich</strong>, also of CBRE,<strong> </strong>and Monday Properties' <strong>Jordan Berger</strong> represented the landlord.</p>
<p class="Normal" style="margin-top: 12pt"><em>lkusisto@observer.com</em></p>
]]></description>
		<content:encoded><![CDATA[<p><img class="alignleft" src="http://nyocommercialobserver.files.wordpress.com/2011/06/230parkavenight2-med.jpg" /><strong>230 Park Avenue</strong></p>
<p class="Normal" style="margin-top: 12pt">The shine on the Helmsley Building has grown so bright lately it&rsquo;s caught the attention of the country&rsquo;s largest real estate company.</p>
<p class="Normal" style="margin-top: 12pt">Indiana-based <span class="Normal__Char" style="font-weight: bold"> Simon Property Group</span>, which owns 263 million square feet of leasable space around the world (mostly via malls), will move its New York headquarters to <span class="Normal__Char" style="font-weight: bold">11,652 square feet</span> on the 22nd floor of <span class="Normal__Char" style="font-weight: bold">230 Park Avenue</span>.</p>
<p class="Normal" style="margin-top: 12pt">That brings the space leased in the building so far this year to<span class="Normal__Char" style="font-weight: bold"> 200,000 square feet</span>, <strong>Brian Robin</strong>, of landlord <strong>Monday Properties</strong>, told <span class="Normal__Char" style="font-style: italic">The Commercial Observer</span>. &ldquo;The building always leases well&rdquo; when the market is strong, he said. And strong the Manhattan office seems, with new leasing activity up 65.8 percent for the first nine months of this year, according to a recent CB Richard Ellis report.</p>
<p class="Normal" style="margin-top: 12pt">&ldquo;We&rsquo;re doing a good job of communicating to the market and offering fair pricing,&rdquo; Mr. Robin said. The deal is for <span class="Normal__Char" style="font-weight: bold">10 years</span> and asking rents in the tower portion of the building are in the <span class="Normal__Char" style="font-weight: bold">mid-$60s</span>, Mr. Robin said.</p>
<p class="Normal" style="margin-top: 12pt">Other tenants that have signed in 230 Park in the last year include a well-heeled mixed bag: Six Flags, Stanley Tools, Encyclop&aelig;dia Britannica and law firms Satterlee Stephens Burke &amp; Burke LLP and Lathrop &amp; Gage. About 90 percent of the space leased this year has been renewals. &ldquo;It&rsquo;s pretty clear that once tenants come here, they find a reason to stay,&rdquo; Mr. Robin said.</p>
<p class="Normal" style="margin-top: 12pt">Of course, it can&rsquo;t hurt that the iconic tower recently became the first landmarked building in the city to achieve LEED Gold Status, adding a trendy splash of green to some classic gold.</p>
<p><strong>Laurence Briody </strong>and <strong>Anthony LoPresti </strong>of <strong>CB Richard Ellis</strong> represented the tenant. <strong>Paul Amrich</strong>, also of CBRE,<strong> </strong>and Monday Properties' <strong>Jordan Berger</strong> represented the landlord.</p>
<p class="Normal" style="margin-top: 12pt"><em>lkusisto@observer.com</em></p>
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