Investment Firm Signs 15K SF Lease in Mutual of America Building
Investment firm Newlight Partners has signed a 10-year lease at 320 Park Avenue, the mid-century building owned by the Mutual of America Life Insurance Company, Commercial Observer has learned.
The investment firm will take 15,361 square feet, spanning the entire 25th floor of the 34-story building, located between East 50th and East 51st Streets, according to information from JLL, which brokered the deal.
JLL’s Alexander Chudnoff and Daniel Turkewitz represented the tenant, while JLL’s David Kleiner, Frank Doyle and Betsy Buckley represented Mutual of America.
Asking rent at the building was $100 per square foot, and the deal included incentives that extend the term past 10 years, according to Chudnoff.
Newlight is relocating from its current offices several blocks North, at RFR’s 390 Park Avenue, where it occupied 10,736 square feet.
Mutual of America occupies roughly a third of the 750,000-square-foot Plaza District building, and other tenants include financial firms Pzena Investment Management, Mizuho Securities and EXL Services, which signed a lease for the 29th floor of the building earlier this year, as CO reported. Ground-floor retail tenants include The Little Beet, Chipotle and a First Republic Bank branch.
The building was built in 1960 and renovated in 1995. For a time, Bear Stearns was one of the larger tenants in the building, and had signed a lease for 90,000 square feet a year before it was bought by J.P. Morgan Chase in the now-infamous eleventh-hour deal.