The Real Deal New York

Singapore government fund inks lease at 280 Park

GIC is leaving Milstein’s 335 Madison early due to impending demolition

June 10, 2015 02:35PM

280 Park Avenue in Midtown

280 Park Avenue in Midtown

GIC, a Singaporean government-owned fund manager, is leaving its offices at Milstein Properties’ 335 Madison Avenue and taking 50,000 square feet at SL Green Realty and Vornado Realty Trust’s 280 Park Avenue.

The fund wrapped up its lease at 335 Madison Avenue early, as Milstein is planning to demolish the tower and build a larger one in the wake of the Vanderbilt Corridor rezoning, according to the New York Post. Its lease would have lasted until 2022, but it will now move out in the first quarter of 2016.

The new space will be on the 9th Floor of 280 Park Avenue, which has 1.2 million square feet total. The 15-year lease had an asking rent of $100 per foot.

GIC was represented by JLL’s Frank Doyle, Clark Finney and Barbara Winter while Vornado Realty Trust and SL Green Realty were represented by a CBRE team.

In January, mutual fund Franklin Templeton signed a 126,000-square-foot lease at the building. In March, investment bank PJT Partners signed on for 100,000 square feet. [NYP] — Tess Hofmann