Auto Tech Company Expands and Extends at 125 Park Avenue
By Terence Cullen November 4, 2016 3:44 pm
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An automotive technology company has inked a deal to triple its foothold at SL Green Realty Corp.’s 125 Park Avenue, Commercial Observer has learned.
Delphi Automotive Systems, which is headquartered in the United Kingdom, will now occupy 8,404 square feet on part of the 15th floor for its New York City office, according to information from the landlord. The company has been based at the property since 2013, occupying 2,779 square feet on the floor, which it will keep.
The 5,625-square-foot expansion keeps Delphi at the property between East 41st and East 42nd Streets for an additional 10 years. Asking rent in the deal was $68 per square foot, according to a spokeswoman for the landlord.
Gary Rosen and Howard Tenenbaum of SL Green (SLG) represented the landlord in-house along with Brian Waterman, David Falk, Peter Shimkin and Daniel Levine of Newmark Grubb Knight Frank. Anthony Dattoma of CBRE represented the tenant; a spokeswoman for the brokerage did not immediately return a request for comment.
Emerge212, SL Green’s short-term office space subsidiary, leases the top two floors for 30,679 square feet, according to CoStar. Online music streaming service Pandora signed a deal to double its space last year, taking a total 103,515 square feet at the 654,852-square-foot building, as CO reported in August 2015.
