Private Equity Firm Goes Block North in Park Avenue Relocation
Terence Cullen March 7, 2016, 11:55 a.m.
A private equity firm is relocating north in Midtown to take an entire floor at the 2.1-million-square-foot 277 Park Avenue, Commercial Observer has learned.
CCMP Capital Advisors has signed a 23,163-square-foot lease for the whole 27th floor of the 50-story tower between East 47th and East 48th Streets, according to a press release from Cushman & Wakefield. The firm is currently located one block south at 245 Park Avenue between East 46th and East 47th Streets. It wasn’t clear how many square feet CCMP Capital Advisors currently leases.
C&W did not immediately provide the length of the lease, but the release indicated that the asking rent in the deal was $95 per square foot.
“277 Park Avenue is a highly coveted address,” David Hoffman of C&W said in prepared remarks. “One that will allow CCMP to remain in close proximity to Grand Central Terminal, while consolidating its employees on one full floor.”
Mr. Hoffman represented the tenant with colleague Bryan Boisi. Mark Boisi, James Frederick and Peter Occhi of C&W represent the landlord, Stahl Organization, in leases at the building, according to CoStar Group. The brokerage declined to comment further via a spokesman.
CCMP Capital Advisors, which was founded in 1984, is joining tenants at 277 Park Avenue such as J.P. Morgan Chase, law firm Cozen O’Connor, MetLife and Sumitomo Mitsui Banking Corporation. The Manhattan Athletic Club, a high-end fitness center, is located at the base of the building, according to the release.