Lease Beat

Boston Consulting Group Goes “Southie” for 315 Park Avenue South

The Boston Consulting Group is expanding its New York presence by opening another office, sized at 33,000 square feet, at 315 Park Avenue South.

BCG specializes in management consulting on growth, investments, and opportunities to expand into new markets and divisions. It boasts 75 offices worldwide with over 5,600 consultants. The firm is based out of Boston, but has a large New York presence, including their 107,000 square foot space at 430 Park Avenue.

315parkavesouth 225x300 Boston Consulting Group Goes Southie for 315 Park Avenue South

315 Park Avenue South (courtesy of Property Shark)

The new office will not split or house a specific department, but rather act as an experiment and expansion for the company.

“This is actually a sublet,” said Amyn Merchant, a senior partner and leader of BCG’s New York Office. “We’re experimenting with new spaces and opportunities. We like the vibrant feel of the neighborhood. We wanted to try something different, so we went with this space.”

BCG will be subleasing Credit Suisse’s space in the building for the next five years.

“It’s got terrific open space, good light, and the neighborhood is a little more eclectic,” Mr. Merchant further noted. “Great restaurants and great sort of vibe – that New York City vibe. We try to capture that and get that energy.”

CBRE brokered the deal. The firm did not respond to requests for comment.

315 Park Avenue South remains fully occupied with leases lasting until early 2017. Credit Suisse leases nearly 70% of the rentable space at $50 per square foot with an expiration date of April 2017 and the possibility of a 5 year extension at fair market value.

mewing@observer.com