Clarion Partners, a New York City-based real estate investment manager, has decided to remain at 230 Park Avenue. The firm, which currently subleases space in the Midtown building from ING Investment Management, signed a direct 10-year lease for a 71,000-square-foot space, the New York Observer reported.
The firm is a former subsidiary of ING, which has long occupied the Monday Properties-owned building, between East 45th and East 46th streets.
The new agreement takes effect in 2014 and covers the 12th floor that Clarion already occupies. Clarion also takes space on part of the building’s 15th floor.
Clarion and the landlord have been in talks over a new lease since late last year. In 2011, a management team in partnership with Lightyear Capital acquired Clarion from ING.