Monday Properties Doubling Office Space With 16K-SF Lease on East 55th Street
Real estate investment firm Monday Properties has signed a lease for 16,336 square feet at Park Avenue Tower at 65 East 55th Street, in a move to double its presence in Manhattan, Commercial Observer has learned.
Monday Properties will be taking the entire 27th floor at the Equity Office-owned property between Park and Madison Avenues, through a 16-and-a-half-year lease, a source told CO. The asking rent was between $135 and $140 per square foot.
The firm will relocate in the third quarter of 2018 from 667 Madison Avenue between East 60th and East 61st Streets, where it occupies 8,460 square feet, due to “organic growth,” the source said.
Equity Office purchased the 36-story, 615,000-square-foot tower in 2014 for $750 million. Last year, the company committed $25 million for its renovation, as CO previously reported.
Tenants include Eminence Capital, Cyrus Capital Partners, King Street Capital, National Bank of Canada, ICM Partners and Tower Brook Capital Partners.
JLL (JLL)’s Alexander Chudnoff and Benjamin Bass represented Monday Properties in the deal and Newmark (NMRK) Knight Frank’s Jared Horowitz, Brian Waterman, Lance Korman, Ben Shapiro and Brent Ozarowski worked on the landlord’s behalf. Spokesmen for both companies didn’t respond with comments.