Pandora Keeps Rocking at 125 Park Avenue
Terence Cullen Aug. 11, 2015, 11:12 a.m.
Pandora Media has doubled its foothold in SL Green Realty Corps.’s 125 Park Avenue.
The music streaming company now has 103,515 square feet in the Grand Central Terminal-area building between East 41st and East 42nd Streets, according to the landlord. Pandora will now be on the 21st and 22nd floors, which adds 51,065 square feet in the 10-year deal.
“Pandora constructed an extraordinary office environment for its employees which demonstrates the opportunity for creative tenants to maximize the convenience of well-located Midtown buildings.” said Steven Durels, SL Green’s head of leasing, in prepared remarks.
The asking rent was $70 per square foot, according to The New York Post, which first reported news of the deal.
Pandora, which is based in Oakland, Calif., leased 52,450 square feet in 2013, spanning the 19th and 20th floors, according to CoStar. The music company signed on for 11 years in that lease.
William Iacovelli and Ramsey Feher of CBRE who represented Pandora, while Howard Tenenbaum and Gary Rosen represented SL Green in-house.
“We were fortunate to have two contiguous floors available at 125 Park Avenue, allowing an opportunity for a timely and necessary expansion,” Mr. Feher said in a statement via a spokeswoman. “Pandora very much looks forward to enjoying an expanded footprint and long term tenancy at 125 Park.”
Last month, furniture designer and manufacturer Haworth renewed its 30,365-square-foot lease for another 10 years in the building, as Commercial Observer exclusively reported. Blink Fitness in April took 17,000 square feet in the basement to open a gym.