The nonprofit organizations share a management team and also share an office at the property, which has an alternate address of 1065 Avenue of the Americas between West 40th and West 41st Streets.
The Bryant Park Corporation operates Bryant Park, while the 34th Street Partnership works to improve the 31-block shopping corridor that runs from Park Avenue to 10th Avenue from West 31st to West 36th Streets. The organizations will lease the entire 24th floor of the 34-story building for an additional 10 years.
For the organizations, it was beneficial to remain close to Bryant Park.
“We run 34th Street, and we run Bryant Park. The amount of programming at Bryant Park is enormous,” said Daniel Biederman, president of both the 34th Street Partnership and the Bryant Park Corporation. “Because the park has limited storage, tons of things have to be lugged across to it [for events]. Another advantage is from the space we can see things that we are doing in the park.”
The asking rent in the transaction was in the high-$80s per square foot, a source with knowledge of the deal told CO.
Equity Office completed a renovation of the building in 2015, which included the restoration of a 40-foot mosaic mural at the entrance of the building, a redesign of the lobbies and an installation of a new security desk. The mechanical system of the elevators was also upgraded.
“At 5 Bryant Park, we have created a modernized office tower in an ideal location just steps from Bryant Park and surrounded by Midtown’s high-end restaurants, retailers, and hotels,” said Equity Office’s Zach Freeman, who handled negotiations for the landlord in-house with colleague Scott Silverstein.
A separate NGKF team of Billy Cohen and Andrew Weisz represented BPC and the 34th Street Partnership in the transaction. The brokers did not return a request for comment via a spokesman for NGKF.