Investcorp Sticks Around in 75K SF on Park Avenue
Multinational investment manager Investcorp just renewed its lease in its longtime home at 280 Park Avenue.
The 36-year-old firm will remain in 75,000 square feet on the 35th through 39th floors of the west building in the two-tower complex, which is owned by Vornado Realty Trust (VNO) and SL Green (SLG) Realty Corp., Crain’s New York Business reported. The 1.3-million-square-foot building has two towers reaching 49 and 23 stories respectively. Asking rent in the deal was $105 per square foot.
Glenn Weiss and Andrew Ackerman handled the deal in-house for Vornado, and Newmark (NMRK) Knight Frank’s Neil Goldmacher and Brian Goldman represented Investcorp. A Vornado spokesman declined to comment on the transaction, and an NKF spokeswoman declined to comment.
Vornado and SL Green purchased the building for nearly $500 million in 2011 and spent $150 million revamping the 1962 property in 2014 with the help of architecture firm Kohn Pedersen Fox.
Tenants in the building include Wells Fargo, Antares Capital, Blue Mountain Realty and Teneo Holdings. The new iteration of the Four Seasons restaurant is also set to open in the bottom of 280 Park Avenue later this spring, after relocating down the block from its home of nearly 60 years at the Seagram Building.