SL Green’s 125 Park gets new high-profile tenant

Personalized music service Pandora inks 10-year lease

TRD New York /
Jun.June 24, 2013 03:30 PM

Internet radio provider Pandora Media has inked a 52,450-square-foot lease at SL Green Realty’s 125 Park Avenue, according to data from CoStar.

Pandora, which recommends songs and artists to users based on their listening history, is set to move into the 19th and 20th floors of the 26-story tower, between East 41st and 42nd streets, at the beginning of next year. The deal was for 10 years at a rate of $65 per square foot, a source involved in the transaction confirmed to The Real Deal.

Newmark Grubb Knight Frank’s Daniel Levine, Jonathan Tootell, David Falk, Brian Waterman and Peter Shimkin worked with SL Green’s in-house broker David Kaufman to represent the landlord. CBRE duo William Iacovelli and Ramsey Feher represented Pandora. None of the brokers was immediately available for comment.

Representatives from the Oakland, Calif.,-based Pandora, which went public in 2011 and saw revenues of $274 million in 2012, were not available for comment. The company has a sales office at 19 Union Square West.

In April, SL Green CEO Marc Holliday singled out 125 Park Avenue – purchased in 2010 from Shorenstein Realty Services for $330 million– as one of the buildings in his company’s portfolio that enjoyed strong leasing activity in the first quarter, as The Real Deal reported.

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