Spear Street Capital has closed on the sale of 315 Park Avenue South to Columbia Property Trust for $353.9 million, according to property records.
The sale closed on Jan. 7 and appeared in city records today. The New York Post first reported when the 20-story, 330,000-square-foot-tower went into contract. Spear Street Capital bought the office building between East 23rd and East 24th Streets for $234.3 million in 2013.
Stat of the Week
Beverly Hills-based studio Relativity Media has signed a lease for its first New York location, Commercial Observer has learned. The studio signed a 10-year deal for the entire 16,874-square-foot second floor at Spear Street Capital’s 315 Park Avenue South and will pay rent starting in the mid-$60s per square foot.
Founded in 2004, Relativity Media is best known as a producer and distributor of films and television programs. Among other credits, the company has been involved as producer or distributor for The Social Network, The Fighter and Act of Valor.
There are currently 89* contiguous blocks of 100,000 square feet and greater on the market.
As with most things in the world today, there is a caveat—and this is where that asterisk comes into play. This total number of 89 includes eight available blocks of space in buildings that are under construction. Compare that with 2010, when 78* such spaces existed (including five blocks under construction), and it is clear that today large blocks continue to be an impediment on market recovery.
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.