Tradeweb Markets Moving to 76K SF at 245 Park Avenue
By Mark Hallum July 8, 2024 1:09 pm
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Business marketplace platform Tradeweb Markets is moving to Park Avenue.
The company signed a 15-year lease for 75,823 square feet at SL Green (SLG) Realty’s 245 Park Avenue, according to the New York Post, which first reported the deal. Tradeweb will relocate from its current digs at 1177 Avenue of the Americas.
Asking rent was $145 per square foot, the Post reported.
David Kleiner, Michael Berg, Will McGarry and Finley Burger of JLL (JLL) negotiated on behalf of Tradeweb Markets while Cushman & Wakefield (CWK)’s Patrick Murphy, Bruce Mosler, Tara Stacom, Harry Blair, Ron Lo Russo, Justin Royce, Pierce Hance and Will Yeatman handled the deal for SL Green.
Spokespeople for JLL and C&W did not immediately respond to requests for comment.
The deal comes after SL Green started a renovation of the property including a “jewel-like” terra-cotta cladding over the facade, a 17,000-square-foot wellness center, a golf lounge, a new 10,000-square-foot restaurant and a rooftop lounge.
“Our redevelopment design will elevate the building to provide a best-in-class work environment with spectacular upgrades to the common areas and an exciting amenity program,” Steven Durels, executive vice president of leasing for SL Green, said in a statement.
In June 2023, SL Green sold a 49.9 percent stake at a $2 billion valuation in the building between East 46th and 47th streets to Japanese firm Mori Trust in the buyer’s first big investment in the New York City market.
SL Green had acquired a minority stake in the building itself from HNA Group for $148 million in 2018, but HNA was forced out of the joint venture in a bankruptcy settlement in which it paid SL Green $185 million and handed over sole control of the property.
Mark Hallum can be reached at mhallum@commercialobserver.com.
