Boston Properties Woos Studley to 399 Park for New HQ
Tom Acitelli Oct. 13, 2009, 7:50 a.m.
Studley, a leading brokerage specializing in tenant representation, played the tenant itself in a major deal at 399 Park Avenue. The firm is relocating its corporate headquarters to the entire 11th floor of the Boston Properties–owned building, known for its roster of investment houses and high-profile law firms. The 61,000-square-foot location represents a 50 percent upgrade in space from the firm’s current headquarters at 300 Park Avenue, where it has been based for more than 20 years.
“Boston Properties actually approached us and made a very attractive proposal to move to this particular floor,” said Studley CEO Mitch Steir, noting that the firms have a relationship dating back many years. “It’s one of the nicest built-out floors in the building, and they’re going to refit it to our specs for no capital expenditure to Studley.”
The 10-year lease also represents a significant opportunity for growth. Studley currently employs a staff of 140, a figure it hopes to see climb to close to 200 employees at the new headquarters.
Mr. Steir, along with Studley colleagues Michael Colacino and Michael Goldman, brokered the deal. John Powers of CB Richard Ellis represented the landlord.