Spirits and wine conglomerate Pernod Ricard USA has signed an 11-year lease to take three whole floors and a portion of a fourth at 250 Park Avenue, it was announced today.
The company will be joining fellow spirits/good-times brewer Anheuser-Busch as a tenant in the Grand Central-area building, which was first built in 1922 by Cross & Cross architects.
Landlord AEW Capital Management LLC was represented by David Hoffman, Robert Billingsley, and Wendy Miller, all of Cassidy Turley.
Snezana Anderson, Michael Geoghegan and Christopher Corrinet of CBRE represented Pernod Ricard.
The beverage biz will be taking floors 16, 17, 18 and part of the 20th floor in the 82,300 square feet deal. Asking rents in the building are $66.47 a square foot, according to CoStar.
Pernod Ricard – a subsidiary of Paris-based Pernod Ricard SA that has brands like Jameson Irish Whiskey, Absolut Vodka, and Malibu Rum under its stead– will be taking space that was previously occupied by law firms like Sullivan & Cromwell and Dorsey & Whitney.
The 16th floor features very high ceilings and the 17th floor has two terraces that overlook Park Avenue, said Mr. Hoffman.
Despite the building’s age, its owners had outfitted it with brand new guts, from elevators to fibre optic cables and bathrooms.
The space Pernod will be taking will also be tinkered with for the new tenant.
“A big part of the deal is the delivery conditions of the space,” said Mr. Hoffman. “Demolishing the space, removing whatever asbestos was there… a lot of work.”
“The object is to deliver… whitebox conditions with brand new bathrooms,” he added.
Like Anheuser Busch, which has a bar located in its second-floor offices, Pernod Ricard plans to use the balconies on the 17th floor as an event-slash-bar space for it employees to enjoy a nice sundowner at the end of a busy workday.
“Part of our base work is to set up railings [on the 17th floor],” said Mr. Hoffman.