Venture Capital Firm Relocating to Grand Central Area from NJ [Updated]
Lauren Elkies Schram June 4, 2014, 4:30 p.m.
Pharmaceutical, medical and health care venture capital firm Apple Tree Life Sciences is relocating from Princeton, N.J., to Grand Central Terminal area’s 230 Park Avenue, Commercial Observer has learned.
Apple Tree has signed a 10-year lease for 14,169 square feet of office space on the 22,000-square-foot 28th floor of the Monday Properties and Invesco-owned building between 45th and 46th Streets. The firm is slated to move in in the fourth quarter.
“I believe our new tenant will be absolutely thrilled with their unobstructed view up Park Avenue, having the entire northern exposure on the 28th floor,” said Anthony Westreich, the Chief Executive Officer of Monday Properties, in a prepared statement.
The asking rent was in the low $80s per foot. As part of the deal, Monday Properties will build out Apple Tree’s space. Spector Group is the design architect for Apple Tree, responsible for the design, project management and furniture selection for the project. The firm is coordinating with Gensler, the architect of record for Monday Properties.
Ethan Silverstein of Cushman & Wakefield represented the tenant in the deal. Monday Properties was represented in-house by Jordan Berger, along with JLL’s Paul Glickman, Frank Doyle, Jonathan Fanuzzi, David Kleiner and Matthew Polhemus.
At 34 stories, the former Helmsley Building is comprised of 1.4 million square feet. Tenants include: ING U.S., a spin-off of Dutch multinational banking and financial services corporation ING Group; real estate investment manager Clarion Partners; publishing company Reed Elsevier, owner of LexisNexis; and talent mobility services company Lee Hecht Harrison.
Update: This article was edited to include the brokers in the deal as well as another architecture firm tapped to design Apple Tree’s space.