Private Equity Firm Renews at Boston Properties’ 399 Park
By Rebecca Baird-Remba January 31, 2019 3:52 pm
reprints
Brigade Capital Management is staying put at 399 Park Avenue in Midtown East.
The private equity firm, which manages an estimated $21 billion in assets, has renewed its 37,430-square-foot lease in the Boston Properties (BXP)-owned tower between East 53rd and East 54th Streets, according to tenant broker CBRE (CBRE). It occupies part of the 15th floor and all of the 16th floor. The length of lease and asking rent weren’t disclosed, but CoStar Group data pegs the estimated asking rents at $74 to $90 per square foot. The financial outfit first moved into the building in 2008, per CoStar.
CBRE’s Ryan Alexander and Conor Denihan represented the tenant in the transaction, and Boston Properties handled the deal in-house. A CBRE spokeswoman declined to comment on the lease.
Boston Properties also recently inked a 300,000-square-foot lease for Millennium Management, a 75,290-square-foot deal with Capital Group Companies, and smaller leases with financial firms Owl Rock Capital Partners and Peterson Management at the property. Other major tenants in the 1.7-million-square-foot, 1960 office tower include investment banks Morgan Stanley and Moelis & Company as well as insurance firm Starr Companies.
“This strong leasing activity underscores the value of 399 Park Avenue as a premier Class A office property located in one of the most desirable locations in New York City,” said John Powers, the executive vice president for the New York region at Boston Properties, in a press release about the company’s recent deals in the building.
