The Real Deal New York

SL Green, Vornado sign big tenant to 280 Park

Mutual fund giant Franklin Templeton and subsidiary taking 126K sf at property

January 06, 2015 10:50AM

280 Park Avenue in Midtown

280 Park Avenue in Midtown

UPDATED, Jan. 8, 12:58 p.m.: Mutual fund heavyweight Franklin Templeton and subsidiary Fiduciary Trust International signed a 15-year lease at SL Green Realty and Vornado Realty Trust’s Midtown office property 280 Park Avenue.

The financial services companies’ 126,000 square foot space will be spread over two floors, with Fiduciary Trust International’s headquarters on one floor and Franklin Templeton’s office on another. They are set to move from 600 Fifth Avenue in Midtown next year, according to the New York Post.

The tenant was represented by CBRE’s Mary Ann Tighe, Eric Deutsch, Ken Meyerson, Chris Corrinet and Zach Weil. The owners were represented by SL Green’s leasing director Steven Durels and CBRE’s Peter Turchin, Gregg Rothkin, and Sam Seiler.

Rents at the building were unclear, but last October asking rents for the property were $95 to $130 per square foot. SLG and Vornado purchased the building in 2012. The property was recently upgraded with $150 million in capital improvements.

Several sources confirmed the deal was “done” but not technically final, according to the Post.[NYP] — Tess Hofmann

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