King Street Capital Signs 60K-SF Deal for Offices in 299 Park Avenue
The company will occupy the entire 39th and 40th floors of the 42-story building between East 48th and East 49th Streets, a source with intimate knowledge of the deal told Commercial Observer.
King Street is relocating from 65 East 55th Street between Madison and Park Avenues, where it has 46,000-square-foot offices, according to The Real Deal. The asking rents at the tower average more than $100 per square foot and the lease is for 10 years, TRD reported.
Marc Packman and Clark Briffel of Fisher Brothers handled the deal for the landlord in-house alongside a Newmark Knight Frank team led by David Falk, while JLL’s Scott Panzer brokered the transaction for King Street.
Panzer did not immediately return a request for comment via a spokesman, and a spokeswoman for Fisher Brothers declined to comment on the deal.
The 1.2-million-square-foot building houses numerous financial services companies, including Capital One and UBS. Varagon Capital signed a 28,316-square-foot offices in the building last year, as CO previously reported.
Fisher Brothers plans a David Rockwell-designed $20 million renovation of the tower, which will include a modernized lobby and entrance, and an illuminated plaza. Construction will begin in a few months.