Pharma Company Novartis Renews 16K-SF Office at 10 Bryant Park

Swiss pharmaceutical company Novartis is staying put at its Midtown office right next to Bryant Park.

Novartis, which develops and sells medicines to treat a variety of diseases, has signed a five-year lease renewal for its 15,865-square-foot office on the entire 12th floor of Property & Building Corporation’s 10 Bryant Park, also known as 452 Fifth Avenue, according to tenant broker CBRE (CBRE).

“We worked closely with Novartis to secure a new lease extension that addressed the firm’s current and future real estate requirements,” CBRE’s David Stockel, who brokered the deal for the tenant, said in a statement. “Novartis chose to extend its lease because of its strong relationship with ownership and stellar property management.”  

The asking rent was not provided, but a report from Colliers (CIGI) found office rents in Midtown averaged $79 per square foot in February.

JLL (JLL) represented the landlord in the deal. Spokespeople for CBRE, JLL and Novartis did not immediately respond to requests for comment, while a spokesperson for the landlord could not be reached for comment.

Novartis signed on for its space at the Fifth Avenue building between West 39th and West 40th streets in January 2023, as Commercial Observer previously reported. It represented the company’s first office in New York City, after previously opening an outpost in Cambridge, Mass.

Built in 1902, 10 Bryant Park has a 10-story tower and an adjoining 30-story tower, with views overlooking the New York Public Library half a block to the north.

Other tenants of the building include private equity firm 17Capital, investment firm Brighton Park Capital and alternative investment firm HBK Capital Management.

Isabelle Durso can be reached at idurso@commercialobserver.com.