Kenneth Park Architects Renews 15K SF at 360 Lexington Avenue
By Mark Hallum June 27, 2024 2:27 pm
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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.
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.
