Built in 1929 by the same architects hired by the Vanderbilt family to construct Grand Central Terminal, 230 Park Avenue has been updated for modern tenancy.
LEED Gold rated and awarded an EPA Energy Star in 2008, the 1.4-million-square-foot property, owned by Monday Properties and Invesco and co-brokered by Jones Lang LaSalle, has been on the forefront of real estate sustainability practices and is the first prewar building in New York to receive those distinctions.
The 71,000-square-foot seventh floor, previously occupied by JPMorgan Chase and its predecessor Bear Stearns, has been redeployed as a marketing center to allow chief executives and other decision-makers the opportunity to see facilities in a predominantly raw space. Jordan Berger of Monday Properties spoke with The Commercial Observer about the space.
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.
Monday Properties announced the 31,700-square-feet expansion of Macy’s, Inc. at 1440 Broadway, the building Monday Properties owns and operates on the southern fringe of Times Square at 40th Street.
It was the storied 150-year old retailer’s third expansion in two years at the 25-floor office building, and gave it full occupancy of the 10th floor, which Advance Magazine Publishers had subleased to Skadden Arps since 2006. CBRE Vice Chairmen Scott Gottlieb and Michael Laginestra represented the tenant, while Monday Properties Director Jordan Berger represented the owner.
Law firm Otterbourg, Steindler, Houston & Rosen P.C. has re-upped its lease at 230 Park Avenue for an additional 15 years, The Commercial Observer has learned.
The firm, which represents financial institutions in such specialties as financing transactions and acquisitions, will remain on both the 29th and 30th floors for a total of 44,973 square feet at the Grand Central-area office tower owned by Monday Properties.
CBRE’s Lewis Miller, Matthew McBride, Michael Wellen and Russell Kempf represented Otterbourg in the deal. Monday Properties was represented in-house by Jordan Berger.
Asking rent was in the mid $70s-a-square-foot.
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.