The financial services company will occupy the entire 10th floor of the 21-story building, between East 46th and East 47th Streets. The new deal brings the 543,000-square-foot building to 98 percent occupancy.
The asking rent in the 11-year transaction was $67 per square foot. Needham is relocating at the end of the year from 445 Park Avenue between East 56th and East 57th Streets. It will move its 100 employees to the new digs, as GlobeSt.com first reported.
C&W’s David Hoffman, Robert Billingsley and Whitnee Williams brokered the transaction for the landlord, AEW Capital Management, while Atco Brokerage Services’ Peter Goldich represented Needham.
“With its new full-floor office space in the heart of Manhattan and close proximity to other financial industry leaders, we know Needham will be very pleased with its new home,” Hoffman said in a statement.
In addition to its New York City office, Needham has offices in Boston, Chicago, San Francisco and Menlo Park, Calif.
“They wanted to consolidate onto one floor,” Goldich said. “They were previously on two floor plates. And [250 Park Avenue] has a great presence on Park Avenue. They had been where they were for over 20 years. It was time to get something new and up to date.”