Japanese Internet Services Giant Rakuten Renews Space at 215 PAS

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Web services company Rakuten is racking up another 10 years at 215 Park Avenue South, according to a news release from building manager SL Green Realty Corp.

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The Tokyo-based company, which was founded by what Forbes called fifth-richest person in Japan, Hiroshi Mikitani, has signed a 17,255-square-foot early renewal for the entire second floor of the 20-story tower between East 17th and East 18th Streets. Asking rents in the building range from $66 to $72 per square foot, according to a spokeswoman for SL Green.

“We are delighted that Rakuten elected to remain at the building as one of our premier tenants,” Steven Durels of SL Green said in a prepared statement.

Howard Tenenbaum and Gary Rosen represented the SL Green in-house, while a CBRE team of Michael Brucato and Brian Hay negotiated the transaction on behalf of Rakuten. A spokeswoman for CBRE did not immediately return a request for comment.  

Dever Properties is the owner of 215 Park Avenue South, while SL Green manages the building and handles leasing, according to the SL Green spokeswoman. The landlord is planning a $1.8 million lobby renovation this June featuring new ceilings, lighting, security desk and flooring. Last year, it completed the $1.2 million installation of new elevator cabs and mechanicals.  

Other tenants in the 339,000-square-foot building at 215 Park Avenue South include Perkins + Will, Global Strategy Group and The Criterion Collection.