Mutual of America, Pzena Ink Leases at 320 Park Avenue
By Mark Hallum February 22, 2022 3:41 pm
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Two firms have signed leases totaling roughly 320,000 at 320 Park Avenue after a recapitalization of the 766,000-square-foot building in Midtown, the New York Post first reported.
Mutual of America Financial Group signed a lease for its 252,000-square-foot office in the property after moving there in 1998, according to a representative for JLL (JLL). It previously occupied the space but signed a new deal after it sold a minority stake in the 34-story building to Munich Re in December.
Pzena Investment Management has been at 320 Park since 2016 and renewed its lease and tacked on an additional 35,000 square feet, bringing its total footprint to 70,000 square feet on the seventh and eighth floors.
JLL’s Frank Doyle and David Kleiner acted as brokers on behalf of the landlord in both lease deals.
“The leasing momentum in the building is the result of renewed interest in Park Avenue and Midtown, and the significant investment by ownership that includes extraordinary amenities, an outdoor terrace and a superior food and beverage offering,” Doyle said.
Pzena was represented by Savills’ Ken Ruderman and Brad Wolk. The firm did not immediately provide comment on the deal.
Asking rents at the revitalized building, erected in 1960, range from $90 to $150 per square foot. The lengths of the leases were not disclosed by JLL or Savills.
The $35 million repositioning of the building includes a renovated lobby, a new café, a full-service amenity center, a new terrace on the 16th floor overlooking Park Avenue and a fitness center.
The landlord currently has additional leases out with two new tenants for a total of 65,000 square feet, according to JLL.
“320 Park Avenue is powerfully positioned to support tenants as they seek to engage their employees during a time of shifting workplace patterns,” Kleiner said. “The tenant amenities add to the location, views and quality of the building, distinguishing the property in the market.”
Negotiations for the joint venture with Munich Re were arranged by JLL’s Doyle, Kleiner and Andrew Scandalios on behalf of Mutual of America. Munich Re was advised by its own asset management branch, MEAG and EastBanc.
Mark Hallum can be reached at mhallum@commercialobserver.com.
