Colgate-Palmolive Consolidating Its 300 Park Avenue Headquarters
The company shed about 72,000 square feet in Tishman Speyer’s 26-story building and inked a deal to keep its global headquarters at 242,000 square feet in the property, Crain’s New York Business reported. A spokeswoman for CBRE (CBRE), which brokered the deal for Colgate-Palmolive, would not provide the terms of the deal but CoStar (CSGP) Group data lists asking rents in the building as between $76 to $93 per square foot.
Tishman reportedly considered demolishing the 770,000-square-foot building between East 49th and East 50th Streets in order to build a bigger property in its place, but Colgate-Palmolive’s extension put the brakes on the plans, according to Crain’s. A spokesman for Tishman did not respond to a request for comment.
Mary Ann Tighe, Mike Geoghegan, Ken Meyerson and Ariel Ball of CBRE brokered the deal for Colgate-Palmolive while Tishman handled it in-house.
“As one of the world’s most prestigious consumer brands, Colgate-Palmolive realized that 300 Park affords the global giant the most flexibility and continuity as possible,” Tighe said in a statement. “The restructure and extension of its headquarters lease at 300 Park Avenue also reaffirms its commitment to Midtown Manhattan and the New York City business community.”
This isn’t the first time Colgate-Palmolive shed some space in the building. In 2015, the company subleased 109,361 square feet in the building to coworking giant WeWork (WE), as Commercial Observer previously reported.