Real estate investment management firm Clarion Partners has inked a 10-year lease, beginning in May 2014, for 71,000 square feet at 230 Park Avenue, it was announced yesterday. Asking rent for the space was in the mid-$60s per square foot.
Clarion, a former subsidiary of ING, is a long-term tenant in the building. The firm’s current occupancy agreement is as a subtenant of ING, according to Brian Robin, president and chief operating officer at Monday Properties, the landlord.
The new agreement is a direct lease of the building’s 12th floor. Currently, Clarion occupies the entire 12th floor and part of the 15th floor.
Princeton International Properties has purchased 104 West 40th Street from Savanna for just over $100 million, The Commercial Observer has learned.
The 210,000-square-foot Midtown Manhattan office building is located steps from Bryant Park on 40th street and Broadway.
Savanna purchased the 20-story glass and steel landmark in 2010, refurbishing it with renovated elevators, building systems, an improved lobby – and a strategy of re-leasing the vacant space at market rents.
Lease of the Week
A gilded landmark once owned by Helmsley-Spear, 230 Park Avenue offers two features prized by New York office tenants and commuters alike: great views and the relative ease of working near Grand Central.
This isn’t to say that all of those who work in finance live in New Canaan or Scarsdale. But 230 Park Avenue, and Midtown in particular, has always been favored by the kind of high-net-worth financial and legal tenants who, besides committing to 10-year offices leases in Manhattan, sign pricy residential mortgages on tree-lined suburban streets across Connecticut and upstate New York.
ING Investment Management International, a division of the Dutch-based ING Group, signed a 10-year lease for 10,500 square feet at 230 Park Avenue, The Commercial Observer has learned.