Midocean Partners Subleasing Rabobank Space at 245 Park

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Private equity firm Midocean Partners is relocating within Midtown East, where they’ll sublease 38,383 square feet from Dutch banking firm Rabobank, Commercial Observer has learned.

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Midocean is relocating to the 38th story of 245 Park Avenue between East 46th and East 47th Streets, from its current offices at 320 Park Avenue, according to a person close to the deal. Rents at the 48-story building range from $80 to $95 per square feet.

The lease expires in 2026 and Rabobank will continue to occupy space at the Midtown East building.

David Falk, Jason Greenstein, and Michael Shenfeld of Newmark Knight Frank represented the tenant, while CBRE‘s Silvio Petriello, Jason Pollen, Brett Shannon, Taylor Scheinman and Ramneek Rikhy, represented Rabobank, a spokesperson for the brokerage confirmed.

The building’s owner, HNA Group, bought the 1.7-million-square-foot property for $2.2 billion in 2017, and in 2018, SL Green took a $148 million preferred position in the property.

The block-long office tower is home to a number of banks and financial firms, including the U.S. headquarters of the French Societe Generale and offices of alternative asset manager Ares Capital.