Owl Rock Signs 25K-SF Deal to Relocate Within Midtown East

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Owl Rock Capital Partners, an alternative asset manager, has signed a 25,089-square-foot deal at Boston Properties399 Park Avenue—a more than 1.7-million-square-foot tower in Midtown East.

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The firm will move into the entire 38th floor of the 40-story property between East 53rd and East 54th Streets. The asking rent in the deal was $125 per square foot, according to The New York Post, which broke the news of the transaction. The length of the deal was not immediately clear.

Owl Rock, which provides middle market companies with financing and offers investors credit strategies, is moving from a portion of the 41st floor at 245 Park Avenue between East 46th and East 47th Streets, the Post reported.  

Mark Weiss of Cushman & Wakefield handled the deal for Owl Rock, while a CBRE team of Peter Turchin, Gregg Rothkin, Caroline Merck, Arkady Smolyansky and Evan Fiddle brokered the deal for Boston Properties.

Weiss did not return a request for comment.

Boston Properties is nearing completion of a $120 million renovation of 399 Park Avenue. The upgrade includes a new facade, lobby entrances, marquee, several terraces and elevators, according to The Post

“Owl Rock Capital Partner’s commitment to 399 Park Avenue further validates the successful capital improvement program undertaken at the building, confirming first-class tenants’ desire for modern space on Park Avenue,” Merck said in a prepared statement.