Advisory Firm Teneo Renews for 47K SF at SL Green’s 280 Park Avenue

Global CEO consulting and advisory firm Teneo Holdings has signed a 10-year lease renewal covering 46,551 square feet on the entire fourth floor of SL Green’s 280 Park Avenue, the building owner announced. 

Teneo moved into the building in April 2016. The asking rent for the lease renewal was $120 per square foot, according to a source close to the deal. 

Matthew McBride from CBRE represented Teneo in the negotiations, while SL Green represented itself in-house using brokers whose names were not disclosed. McBride did not immediately respond to a request for comment. 

“Tenant demand remains robust in both Midtown Manhattan and Midtown South,” Steven Durels, executive vice president and director of leasing and real property for SL Green, said in a statement. “Rents are rising as supply tightens in both of these submarkets, with particular strength in the Park Avenue and Sixth Avenue corridors.”

Founded in 2011, Teneo has more than 40 offices worldwide, including in Canada, Australia, France, Germany and Japan, as well as in the United Kingdom and parts of the Middle East. 

SL Green’s 280 Park Avenue was originally designed in 1962 and underwent a major redevelopment in 2015. Other corporate tenants in the building include billionaire hedge fund manager Paul Singer’s Elliott Investment Management, private equity firm Antares Capital, and investment bank PJT Partners. 

Amanda Schiavo can be reached at aschiavo@commercialobserver.com.