PJT Partners Expands to 270K SF in Renewal at 280 Park
By Rebecca Baird-Remba December 4, 2023 2:16 pm
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Investment bank PJT Partners has expanded its footprint to 270,000 square feet at 280 Park Avenue in a lease renewal, according to landlord SL Green Realty and the New York Post.
PJT converted an 80,000-square-foot sublease to a 130,000-square-foot direct lease at the 43-story property near Grand Central Terminal, in addition to renewing its existing 140,000-square-foot space in the building, the Post reported. The company will occupy six floors in the 15-year deal, per a release from SL Green, which declined to comment on asking rent in the deal.
SL Green, which co-owns the 1.3 million-square-foot tower with Vornado Realty Trust, also announced a 77,000-square-foot lease with Stonepeak Partners Monday at 245 Park Avenue.
CBRE’s Mary Ann Tighe, Ken Meyerson, Brendan Herlihy, Eric Thomas and Marlee Teplitzky represented the tenant, along with Evan Margolin of JLL. Vornado’s Glen Weiss and SL Green’s Steven Durels handled the deal in-house for the landlords, along with Peter Turchin, Gregg Rothkin and Jason Pollen of CBRE. A spokesperson for CBRE declined to comment on the deal, and JLL’s spokespeople didn’t immediately return a request for comment.
Weiss and Durels said in a joint statement that the deal “reaffirms the strength of the Park Avenue submarket.”
Vornado and SL Green recently spent $150 million renovating the two-tower complex, which runs through the block from East 48th to East 49th streets between Park and Madison avenues. Updates include a new double-height lobby on Park Avenue, modernized amenity spaces, a redesign of the outdoor plaza and upgrades to the mechanical systems.
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com
