Private Equity Firm GTCR Expands at 425 Park Avenue
By Abigail Nehring March 11, 2024 5:07 pm
reprints
Private equity firm GTCR is hungry for more space at 425 Park Avenue in the Plaza District.
Two years after signing on for two floors of the 47-story office tower between East 55th and East 56th streets, GTCR signed an extension to grow its footprint to 55,600 square feet on the 41st through 44th floors, according to an office report by Colliers and a spokesperson for GTCR.
The length of the lease and asking rent are unclear, but in 2022 Citadel’s Ken Griffin agreed to lease the top two floors of the Park Avenue tower for $300 a square foot, Bloomberg reported. Midtown’s average office asking rent was $78.41 per square foot last month, according to the Colliers (CIGI) report.
The spokesperson for GTCR said the firm signed a “multi-decade” deal.
“We increased our committed space footprint so that we will have adequate capacity to support our growth, which has exceeded our expectations back when we committed to 425 Park,” the spokesperson said in an email.
A spokesperson for landlord L&L Holding Company declined to comment. The exact size of GTCR’s office before the expansion is unclear.
The Chicago-based private equity firm announced plans to relocate its New York office in 2022 from 450 Park Avenue to its current home, just one block away.
GTCR was among the first to sign on for space at 425 Park Avenue after L&L’s David Levinson and Robert Lapidus and architecture firm Foster + Partners — together with BentallGreenOak (now BGO), Tokyu Land Corporation and other partners — completed a decade-long renovation of the 670,000-square-foot office tower.
Asking rents at the new and improved Park Avenue tower started at $200 per square foot in 2022, Commercial Observer reported that year.
It’s unclear who brokered GTCR’s deal, but L&L hired Jonathan Tootell to head up its in-house leasing operations earlier this year, as CO previously reported. Tootell did not respond to a request for comment.
Abigail Nehring can be reached at anehring@commercialobserver.com.
