Lease Beat

Jennison Associates Renews, Expands at 237 Park Avenue

Rendering of the entrance to 237 Park Avenue.

Jennison Associates has renewed its lease at 237 Park Avenue and expanded by 20,000 square feet.The investment firm’s existing 146,000-square-foot space will be increased to 166,000 square feet across three floors of the building.

The tenant, a wholly-owned subsidiary of Prudential Financial, has renewed its lease for 10 years, according to Crain’s New York Business, which first reported the deal. Asking rent for the space was in the $80s per square foot. Read More

Lease Beat

RXR Realty Signs 99-Year Lease at 75 Rockefeller Plaza

Scott Rechler’s RXR Realty has signed a 99-year triple-net lease at British department store tycoon Mohamed Al Faye’s 75 Rockefeller Plaza in Midtown Manhattan, where it plans to undertake a major capital improvement to reposition the building.

The 33-story building will be fully vacated by Time Warner Cable in 2014, leaving behind roughly 630,000 square feet of rentable area, and the renovations will include a new lobby and a restoration of its landmarked, classic limestone façade, executives at RXR said. Read More

Cushman & Wakefield Marketing 100,000 SF Being Vacated by Pearson at 1330 Avenue of the Americas

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Cushman & Wakefield has been appointed by RXR Realty as the exclusive leasing agent for roughly 100,000 square feet being vacated by Pearson at 1330 Avenue of the Americas, where ownership recently completed a capital improvement program and a rare signage opportunity awaits a prospective anchor tenant.

Floors 7 through 10, 14, 16 and 17 will come online in the 40-story trophy building in January 2014, after Pearson vacates the space, freeing up four sides of illuminated signage atop the building (the signage is currently branded “FT” for Pearson-owned Financial Times) for the new tenancy to broadcast its image into the Manhattan skyline.

“We want it to be the right image for the right company, and one that takes a meaningful presence in the building,” said William Elder, leasing director with RXR Realty.  “This is a very rare opportunity that allows for top of building signage just outside of Times Square. Read More

Lease Beat

George Lucas’s GF Inks At 340 Madison

Mellody and George

The investment management firm run by director George Lucas’s girlfriend has signed an office deal at 340 Madison Avenue.

Ariel Investments, a Chicago based financial company, will take 6,500 square feet on the building’s 18th floor. Rents at the 660,000-square-foot office tower, which is owned by the prolific real estate investment firm RXR Realty, range from the upper $60s to the low $70s per square foot though the exact rate that Ariel will pay was not disclosed in RXR’s announcement this morning of the deal. Read More