Vornado Realty Trust and SL Green Realty are planning a $60 million to $100 million transformation of the office towers at 280 Park Avenue that the partnership acquired for almost $500 million in April, according to the New York Post.
The group has commissioned architects KPF to oversee facade modifications to the structure, comprised of a 31-story tower and a 48-story tower that are connected by a 17-story middle building near 49th Street, and a complete renovation of the tower’s base and plaza and lobby.
The repositioning comes at a crucial time, as 650,000 square feet of office space in the 1.2 million-square-foot complex are set to become available in the next 20 months through listing agents Mary Ann Tighe and Peter Turchin of CBRE. The Post said one longtime tenant, Viking Global Investors, expanded its lease to 40,000 square feet at a rent very close to the $120 per foot asking price that indicates Vornado and SL Green have debriefed tenants on the planned upgrades. [Post, 1st item]