Forgiveness may be the key to success at 399 Park Avenue, where a perceived snub several weeks ago caused owner Boston Properties to swap hedge fund Avenue Capital for commercial brokerage Studley on an 11th-floor, 60,000-square-foot lease. Avenue Capital has since resumed talks with Boston, yesterday signing off on a 57,000-square-foot lease on the sixth floor of the former Lehman Brothers building. Boston’s leasing agent, John Powers of CB Richard Ellis, called the incident a “hiccup” from which the parties decided to “move on.” The result is a move that gets the hedge fund nearly the same amount of space as it would have had on the 11th floor, and a better layout than its current one at 535 Madison Avenue, where the company is fragmented across five floors. For Boston Properties, the deal means it has re-leased 85 percent of the former Lehman building in the span of less than one year. [more]

A perceived snub has reportedly resulted in a 60,000-square-foot lease on the 11th floor of 399 Park Avenue by commercial brokerage Studley, rather than hedge fund Avenue Capital Group. Avenue was edging in on a deal with 399 Park’s owner, Boston Properties, when Boston caught wind of a rumor that Avenue was still shopping around. Meanwhile, Studley was looking to expand beyond its current 40,000-square-foot location at 300 Park Avenue, and Boston capitalized on the opportunity. Boston agent John Powers of CB Richard Ellis offered the firm “a very attractive proposal” on that same 11th-floor space, a source told the Post’s Steve Cuozzo. A lease was signed within days. [Post]  [more]