Alcoa Renews Lever House Lease
Gus Delaporte April 16, 2014, 11 a.m.
Alcoa has signed a renewal for its 21,452-square-foot space at RFR Realty’s Lever House at 390 Park Avenue, Commercial Observer has learned.
The global lightweight metals engineering and manufacturing company occupies the entire seventh and eighth floors of the building. The term of the lease was not disclosed.
“Alcoa has been an important tenant to 390 Park for 15 years. We are delighted to continue our valued relationship,” said Steve Morrows, executive vice president and director of leasing at RFR Realty, in a prepared statement.
Mr. Morrows represented the landlord in-house. The tenant was represented by Silvio Petriello and Ben Friedland of CBRE.
The landmark office tower at 390 Park Avenue was designed by Gordon Bunshaft of Skidmore, Owings and Merrill and was completed in 1952. RFR Realty acquired and renovated the building in 1998. The building, which is also home to the restaurant Casa Lever, has housed the Lever House Art Collection since 2003.
Ratings agency Fitch downgraded Alcoa’s credit grade to junk last week amid a global oversupply of aluminum, Bloomberg News reported. The company’s credit grade was cut to BB+, one level below investment grade, from BBB-.