Newmark Expands to 184K SF at SL Green’s 125 Park Avenue
By Amanda Schiavo March 3, 2025 2:10 pm
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Newmark (NMRK) will grow its headquarters at SL Green (SLG) Realty’s 125 Park Avenue.
The brokerage signed a 15-year renewal and expansion to take on about 31,000 square feet at the property, also known as the Pershing Square Building, growing its current footprint to 184,239 square feet.
Newmark first moved into the building in the mid-1990s, just taking 47,000 square feet, and in 2014 it signed a 15-year expansion and renewal to grow to more than 133,000 square feet in the property, Bisnow reported.
Asking rent was not disclosed, but Commercial Observer previously reported asking rent of $70 per square foot at 125 Park Avenue. Average asking rent in Midtown was $82.13 per square foot for the 2024 fourth quarter, according to CBRE data.
“We are pleased to extend our valued relationship with Newmark,” Steven Durels, director of leasing and real property at SL Green, said in a statement announcing the lease renewal. “This is another example of the continued strength of the Midtown Manhattan office market, which is showing significant tenant demand for high-quality space near Grand Central Terminal.”
Newmark was represented in-house by Jason Perla, Brian Waterman, David Waterman and Matthew Shreiner. The firm did not immediately respond to a request for comment.
Built in 1922, the Pershing Square Building is 26 stories high and spans more than 650,000 square feet. The building is 99 percent leased, according to SL Green. Other tenants of 125 Park Avenue include financial institution TD Bank, real estate company Shorestein Properties, and credit card company American Express, according to CompStak.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
