First Spring Corporation Stay at 499 Park Avenue


Investment firm First Spring Corporation has renewed its lease for its 26th floor office at 499 Park Avenue, The Commercial Observer has learned.

The firm will continue to rent 11,591 square feet in the 28-story building, located on 59th and Park. 

SEE ALSO: Baltimore Peninsula Secures Two More Offices Leases Totaling 14K SF
499 Park Avenue 201x300 First Spring Corporation Stay at 499 Park Avenue
499 Park Avenue (Photo courtesy of Property Shark)

Jonathan Serko, Barry Zeller, and David Malawer, all of Cushman & Wakefield (CWK)represented First Spring Corporation in the deal.

Tara Stacom, David E. Green and David Rosenbloom, also of Cushman & Wakefield, represented the building’s ownership, listed as Hines 499 Park LLC and the Houston-based Hines Interests on CoStar.

“First Spring Corporation is a long-standing tenant in the building and was very satisfied with renewing its lease and remaining at 499 Park Avenue, which has spectacular views of Midtown and Central Park,” said Mr. Serko, in a statement sent to The Commercial Observer. 

Cushman & Wakefield would not comment on the length of the new lease, the asking rent in the building, or if First Spring’s space will be renovated.

The 28th floor of 499 Park Avenue  features 17-foot high windows with views of the George Washington Bridge and surrounding territories. Asking rents were at least $150 a square foot, according to a December 2011 NY Times article on the building.

The ceiling heights were created when former developer George Klein sold and left the office tower, and the new owners knocked out the “dropped ceiling.” Cushman & Wakefield is marketing the 6,732 square foot space to boutique investment firms.

First Spring was founded in 1985 and has been a “long-standing tenant” in the building.