Law Firms, Real Estate Companies, Others Take 48K SF at 230 Park Avenue
By Celia Young September 29, 2021 9:30 am
reprints
Two law firms, two real estate services firms and three other companies signed leases totaling 48,345 square feet at 230 Park Avenue, Commercial Observer has learned.
The companies took space on six different floors of the 34-story tower — also known as the Helmsley Building — on Park Avenue between 45th and 46th streets. Asking rents ranged from $75 to $100 for each of the leases, according to landlord RXR Realty.
“We’ve spent the last five, six years significantly upgrading building infrastructure,” said RXR’s William Elder, managing director of the company’s New York City division. “[The building underwent] a major infrastructure upgrade to building systems and the amenitization of it brought the building into the twenty-second century. People find that attractive and people are looking for a building with character.”
In the largest deal, boutique law firm Teitler & Teitler snatched up 11,652 square feet just on the eighth floor. The company’s seven-year lease begins on Oct. 1, and the company chose to keep its space in the building when its sublease with Simon Property Group expired. Teitler & Teitler did not use a broker for the deal, according to RXR.
Haven Capital, a real estate fund backed by Los Angeles-based investment manager Ares Management, snagged 8,306 square feet of pre-built space on the 33rd floor of the building in a deal that closed in August. The company is relocating from its offices at 780 Third Avenue in October. CBRE’s Ben Friedland and Hugh McDonald handled the deal for the fund.
Healthcare grant funder Helmsley Charitable Trust expanded its space on the fifth floor with a 4,256 square foot lease. The trust signed the eight-year deal in September, and plans to move into the new digs by year’s end, according to the landlord. Newmark’s Ben Shapiro handled the deal for the tenant.
New York City-based law firm Weinberger Singer took a two-year lease for 3,793 square feet of office space on the 11th floor of the building, relocating from another space in the more than 1 million-square-foot building. Weinberger did not have a broker in the deal, according to RXR.
Real estate investment company Dome Equities grabbed 2,293 square feet of pre-built office space on the eighth floor of the building. The company signed the seven-year lease in July and moved into its new digs in September from its former offices at 400 Park Avenue. Cushman & Wakefield’s Garett Varrichio handled the deal for the tenant.
Peridot Financing Solutions, a financial services group, inked a five-year deal in June for 6,849 square feet of office space on the 15th floor with plans to move in by the end of the year. Savills’ Jim Wenk, Kirill Azovtsev, and Allison Buck represented it for Peridot.
Renewable energy company Greenbacker Group signed a ten-year deal for 11,196 square feet on the 15th floor of the building in June. It moved into the space in August, relocating from its former offices at 11 East 44th Street. Newmark’s Brian Cohen and Mike Shuler handled the deal for the energy company.
RXR’s Jordan Berger handled the deals in-house, alongside Newmark’s Scott Klau, Brian Waterman, Erik Harris, Zach Weil and Cole Gendels.
Brokers from Newmark, Savills, C&W and CBRE did not immediately respond to requests for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
