Asset Manager Millennium Management Nabs 300K SF at 399 Park Avenue
By Nicholas Rizzi December 26, 2018 5:38 pm
reprints
Millennium Management will move its New York City headquarters from 666 Fifth Avenue to Boston Properties’ 399 Park Avenue, the landlord announced today.
The asset manager inked a deal for 300,000 square feet on four full floors of the 41-story tower between East 53rd and East 54th Streets, according to Boston Properties. A spokeswoman for the landlord would not provide terms of the deal, but CoStar Group data lists average asking rents in the building at $73 to $90 per square foot.
CBRE (CBRE)‘s Peter Turchin, Gregg Rothkin, Caroline Merck, Arkady Smolyansky and Evan Fiddle represented the landlord in the transaction, but it’s unclear who handled it for Millennium. A spokeswoman for CBRE did not immediately respond to a request for comment.
John Powers, the executive vice president for Boston Properties New York region, said in a statement that “Midtown Manhattan continues to be the location of choice for many of the most prominent corporations.”
The New York Post first reported in the summer that Millennium was planning on ditching its 170,000-square-foot space at 666 Fifth Avenue early because “nobody knows what the hell is going to happen there, and they want out of Dodge,” a source told the paper. The Kushner Companies finalized a deal in August to offload the troubled building to Brookfield Asset Management, The Wall Street Journal reported.
A spokesman for Millennium declined to comment.
Boston-based office giant Boston Properties had 480,000 square feet of availabilities last year in Citigroup (C)’s former headquarters at 399 Park Avenue but recently inked deals with tenants like Owl Rock Capital Partners and Peterson Management to fill 460,000 square feet, as Commercial Observer previously reported.
Millennium will move into 399 Park Avenue in 2020 and join tenants like Morgan Stanley (MS), Savills Studley and insurance firm Starr Companies.
