Leases  ·  Office

Wealth Manager Iconiq Leases 70K SF at 360 Park Avenue South

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Boston Properties (BXP) has signed up its first office tenant at 360 Park Avenue South two years after purchasing the leasehold interest in the building for $300 million

San Francisco-based wealth management firm Iconiq Capital signed a long-term lease for 70,000 square feet in the building, the New York Post reported

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The exact terms of the lease are unclear, but average asking rent in the Park Avenue South submarket was $82.43 per square foot in the third quarter of 2023, according to a report by Savills. A spokesperson for Boston Properties declined to comment. 

Founded in 2011 by Morgan Stanley alum Divesh Makan, Iconiq provides wealth management and investment services for such well-heeled clients as Mark Zuckerberg, Jack Dorsey and Jeffrey Weiner, according to Forbes.

The firm will vacate its current digs at 15 East 26th Street, more than doubling the size of its New York office in the move to 360 Park Avenue South, the Post reported.

The 470,000-square-foot office building at the corner of Park Avenue South and East 26th Street has been vacant since business information company Relx’s 20-year master lease expired last year, Commercial Observer reported. Boston Properties placed its bets on the 20-story building in 2021, securing a $220 million refinancing for renovations and upgrades to the property.

CBRE (CBRE)’s Jeff Fischer and Chris Corrinet brokered the deal for Iconiq, while Boston Properties was represented by Peter Turchin, Gregg Rothkin, Ross Zimbalist, Arkady Smolyansky, Trevor Larkin and Hayden Pascal, also of CBRE.

A spokesperson for CBRE declined to comment on the deal.

Abigail Nehring can be reached at anehring@commercialobserver.com.