Kenneth Park Architects Renews 15K SF at 360 Lexington Avenue

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Kenneth Park Architects (KPA) decided to keep its 15,379-square-foot office at Savanna’s 360 Lexington Avenue.

The architecture firm signed a seven-year renewal to remain on the entire seventh floor of the 24-story office tower on the corner of Lexington Avenue and East 40th Street, according to the tenant brokers. 

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Asking rent for the building was not disclosed. The average asking rent throughout Manhattan was $76.28 per square foot in the first quarter of 2024, according to a report from Savills.

“I first negotiated to place KPA in 360 Lexington in 1996. Since then, I have been proud to collaborate with Ken and his team on both expansions and renewals on five separate occasions,” CBRE (CBRE)’s Stephen Eynon, who represented the tenant, said in a statement. “We were able to extend well in advance of our expiration which allowed KPA to benefit from the current market dynamics.” 

Savanna was represented in-house by Brian Reiver and Thomas Henderson who declined to comment.

The longevity of Savanna’s ownership of the building — which it bought in 2019 for $180 million — is in a precarious position. Lenders Barclays and PPM America filed a foreclosure action against the landlord and placed the building up for sale in April.

Other tenants in the building include Connecticut-based bank Webster Bank, which leases  30,621 square feet, while Plaza Construction relocated its offices to 14,405 square feet in October 2020.

Mark Hallum can be reached at mhallum@commercialobserver.com.