Investment Firm Stonepeak Signs 77K-SF Lease at 245 Park Avenue
By Mark Hallum December 4, 2023 11:31 am
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Stonepeak Partners" class="company-link">Stonepeak Partners is moving out of its 55 Hudson Yards offices in favor of SL Green (SLG) Realty’s 245 Park Avenue.
The alternative investment firm signed a 15-year, 76,716-square-foot lease across the 31st and 32nd floors in Midtown East near Grand Central Terminal, according to the landlord, which did not disclose the asking rent for the space in the 1.8 million-square-foot, 44-story building.
Average asking rent in Midtown was $82.68 in the third quarter of 2023, according to a report from CBRE.
“Park Avenue continues to be the premier Manhattan submarket as world-class companies increasingly focus on Midtown as their preferred office location,” Steven Durels, SL Green’s director of leasing and real property, said in a statement.
Silvio Petriello, Ben Friedland and Tamika Kramer of CBRE (CBRE) negotiated on behalf of the tenant, which began leasing 30,000 square feet at 55 Hudson Yards in 2018, while SL Green was represented by Patrick Murphy, Bruce Mosler, Tara Stacom, Harry Blair, Ron LoRusso, Justin Royce and Will Yeatman of Cushman & Wakefield (CWK).
C&W did not immediately respond to a request for comment.
SL Green took over the building in 2022 after a long bankruptcy battle against former owner HNA Group, before getting a mortgage and mezzanine loan package totaling $1.8 billion for a repositioning of the asset.
In June 2023, SL Green tapped Japanese investment firm Mori Trust as a joint venture partner with the latter acquiring a 49.9 percent stake in the property valued at about $2 billion.
Mark Hallum can be reached at mhallum@commercialobserver.com.
