U.S. Arm of Japanese Finance Firm Takes Full Floor at 280 Park Avenue
By Terence Cullen February 10, 2017 1:00 pm
reprints
Orix USA Corporation, the stateside subsidiary of Japan-based ORIX Corporation, has finalized a deal to relocate to 280 Park Avenue in Midtown, Commercial Observer has learned.
The financial firm will occupy 20,123 square feet on the entire 40th floor of the tower between East 48th and East 49th Streets, a source familiar with the transaction told CO. Orix USA will expand as part of the move, as it currently leases 14,078 square feet at 485 Lexington Avenue between East 46th and East 47th Streets, according to CoStar Group.
Orix USA’s lease at the 43-story 280 Park Avenue is for 10 years, the source indicated. Asking rent in the deal was $115 per square foot.
This is the second big lease signed at the SL Green Realty Corp.– and Vornado Realty Trust-owned property in recent weeks. As CO reported late last month, Wells Fargo signed a deal to renew early and expand to 49,000 square feet at the 1.3-million-square-foot building. In December 2016, Antares Capital signed a 55,000-square-foot lease to move into 280 Park Avenue from across the street.
Martin Horner of JLL represented Orix USA, while Peter Turchin of CBRE represented the landlords. Horner did not immediately return a request for comment via a spokesman, and a CBRE spokeswoman did not immediately respond to an inquiry.
