Commodity Trader Traxys Group Takes 30K-SF Space at 299 Park Avenue
The Luxembourg-based company, which is a commodity trader of natural resources and metals, will occupy the entire 38th floor of the 42-story tower between East 48th and East 49th Streets. The asking rent in the 15-year transaction was $105 per square foot, according to a source with knowledge of the deal.
Traxys, which has more than 20 offices around the globe, is relocating from the ninth floor of 825 Third Avenue between East 50th and East 51st Streets in 2019, according to The New York Post, which first reported news of the transaction.
“When selecting our new office, we set out to find a modern environment where our employees could continue to succeed in a central Midtown [East] location,” Mark Kristoff, the CEO of Traxys, said in a prepared statement. “299 Park Avenue proved to be the perfect fit.”
CBRE’s Taylor Scheinman and Ken Meyerson led the negotiations for Traxys in the deal alongside colleague Adam Rabin. And Newmark Knight Frank’s David Falk, Peter Shimkin, Andrew Sachs, Eric Cagner and Andrew Peretz handled the transaction for Fisher Brothers alongside the landlord’s in-house team of Marc Packman and Charles P. Laginestra.
Spokespersons for brokers on both sides of the deal did not immediately return requests for comment.
“We are pleased to welcome Traxys, which was drawn to 299 Park Avenue for its ideal Midtown [East] location just steps from Grand Central Terminal and surrounded by the city’s top corporate headquarters and world-class dining, retail and hospitality options,” said Ken Fisher, a partner at Fisher Brothers.
With the Traxys transaction, the 1.2-million-square-foot 299 Park Avenue is now 85 percent leased. Existing tenants in the building include Capital One, UBS, GE Capital and American Securities.