The Real Deal New York

450 Park Ave. sees uptick in leasing activity

January 03, 2016 12:00PM

450 Park Avenue

450 Park Avenue

450 Park Ave. is seeing an influx of leasing activity, as two tenants are relocating to the 33-story, 334,000-square-foot high-end office building, while one existing tenant is nearly doubling in size.

Leasing for 450 Park Ave. has seen a resurgence now that construction of the nearby ultra-luxury condo tower at 432 Park Ave. is coming to an end, according to Crain’s New York Business.

450 Park Ave. has long been considered a premium office building where tenants paid top dollar for space. But construction on the nearby 1,400-foot-tall condo tower at 432 Park Ave. scared prospective tenants away, fearing noise, disruption and unsightly construction site conditions.

But with work on 432 Park Ave. set to be finished by mid-2016 and construction already winding down, 450 Park Ave.’s luster has been restored.

Financial firm Junto Capital Management just signed a 10-year lease for 450 Park Ave.’s entire 25th floor, which is also about 10,000 square feet.Junto is moving from 510 Madison Ave. The asking rent for the space was $145 per square foot.

The Mexico City-headquartered law firm Chevez Ruiz Zamarripa also signed on for space, taking about 3,000 square feet on 450 Park Ave.’s 14th floor in a 10-year deal. The firm is moving to 450 Park Ave. from its previous space in the Seagram Building. Asking rent was $130 per square foot.

Meanwhile, existing tenant BDT Capital is relocating from a portion of 450 Park Ave.’s 23rd floor to the entire 22nd floor, a roughly 10,000-square-foot office that is almost double the size of the financial firm’s previous space. BDT signed a 10-year commitment to the new office. Asking rents were $140 per square foot. [Crain’s] – TRD