Fidelity Signs Deals for 24K SF of Office and Retail at 320 Park Avenue

Fidelity is taking a total of 23,500 square feet of office and retail space at Mutual of America Financial Group and Munich Re’s 320 Park Avenue, Commercial Observer has learned.

The financial institution will relocate from 350 Park Avenue, which Vornado Realty Trust and Rudin are clearing out for the development of an office tower to be occupied by Ken Griffin’s Citadel, which is also a joint venture partner in the project.

Fidelity will occupy 20,000 square feet on the 20th floor of 320 Park as well as 3,500 of ground-floor retail, according to a source with knowledge of the deal.

The length of the lease was not disclosed but asking rent in the deal was $170 per square foot, according to the source.

JLL (JLL)’s Frank Doyle, David Kleiner and Carlee Palmer represented the landlord in the deal while Annette Healey and Christopher Heyn of CBRE (CBRE), as well as Dale Schlather of Cushman & Wakefield (CWK), negotiated on behalf of Fidelity.

Spokespeople for JLL, CBRE and C&W did not immediately respond to requests for comment.

Other tenants in the 34-story building include Flagstar Bank, which took 54,500 square feet of office and 4,500 square feet of retail in January 2024, as well as Mutual of America, which has occupied about 252,000 square feet since 1998 and in 2022 acquired a 25 percent stake in the tower.

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