RXR Realty scored its first big renewal at 237 Park Avenue after acquiring the 21-story office property with Walton Street Capital early last year. Prudential Financial-owned investment firm Jennison Associates renewed its lease for 146,000 square feet and added 20,000 square feet.
The spaceâ€™s asking rent is in the $80-per-square-foot range. Jennison is set to occupy part of the 19th floor, in addition to the 17th and 18th floors, as part of the 10-year renewal.
The landlords, which had jointly paid $800 million for the property, are about to beginÂ a $50 million renovation of the structure, along with an expansion ofÂ the retail space onto the second floor. RXR and Walton Street securedÂ $165 million in mezzanine financing in December, as previously reported.
CBRE broker Edward Lederman represented the tenant, while RXR executives William Elder and Lauren Ferrentino represented the landlords in-house. JLL was hired to market the empty space at the building. [Crain's] — Mark Maurer