Millennium Management Renews 438K SF at 399 Park Avenue

Investment firm Millennium Management renewed its lease for 438,000 square feet at 399 Park Avenue in what was the largest office lease deal in Manhattan in November, according to a report from Colliers.

It is unclear who represented Millennium or BXP, which owns the 41-story tower between East 53rd and East 54th streets. The asking rent and length of the renewal were also unclear. Asking rents for Midtown office space averaged $83.17 per square foot for the third quarter of 2025, according to a report from CBRE.

Millennium had previously been a tenant in 170,000 square feet at 660 Fifth Avenue — formerly known as 666 Fifth Avenue — where it housed its New York headquarters. 

The company left that building shortly after a previous lease renewal due to uncertainty regarding the financial health of the property, which had a $1.2 billion mortgage coming due the following February, as the New York Post reported. 

Millennium moved to 399 Park in 2020, initially leasing 300,000 square feet across four entire floors and joining fellow tenants Morgan Stanley, Savills Studley (now Savills) and insurance firm Starr Companies, as Commercial Observer reported at the time. 

Crain’s New York Business was the first to report the new renewal lease. 

In addition to its New York space, Millennium has been expanding throughout South Florida in recent years. The firm opened offices in Miami and West Palm Beach in 2022 with a lease of roughly 75,000 square feet over three floors in Miami’s Sabadell Financial Center, a 30-story tower also known as 1111 Brickell Avenue, as CO reported. Millennium also signed a 40,000-square-foot lease at the 18-story CityPlace Tower, or 525 Okeechobee Boulevard, in West Palm Beach. 

BXP has had a strong year on the office-leasing front. The company announced in October that it had signed more than 1.5 million square feet of leases nationwide in the third quarter — a 38 percent increase over the same period in 2024 — and 3.8 million square feet year-to-date.

Some of the company’s significant leases in New York City this year have included KnitWell Group’s renewal and expansion to 246,000 square feet at 7 Times Square, law firm Goodwin Procter taking 250,000 square feet at 200 Fifth Avenue, and C.V. Starr signing a lease for 275,000 square feet at 343 Madison Avenue, as CO reported. 

Representatives from BXP, Millennium Management and CBRE, which has represented Millennium on past leases, did not immediately respond to requests for comment.

Larry Getlen can be reached at lgetlen@commercialobserver.com.