Cornell inks 10-year sublease at 230 Park Avenue

September 24, 2013 02:59PM

Cornell University has inked a 10-year sublease extension for its current space at 230 Park Avenue.

The university has been subleasing the space from long-term tenant ING, holding a 9,411-square-foot office space on the 15th floor. The 34-story, 1.4 million-square-foot tower is co-owned by Monday Properties and Invesco.

MB Realty’s Gere Ricker represented the tenant in the deal, while Jordan Berger represented Monday Properties in-house. Asking rent for the space was $65 per square foot.

“With Cornell’s history in the building as a subtenant, we were able to build on our existing relationship,” Brian Robin, president of Monday Properties, said in a prepared statement. “The building and the space have already proven their value to the Cornell team.”

The building’s management has leased more than 300,000 square feet in the building in the last six months, with publisher Reed Elsevier signing a 10-year, 71,083-square-foot lease and talent management company Lee Hecht Harrison relocating from 200 Park Avenue to pick up 23,000 square feet on the sixth floor. Real Estate investment manager Clarion Partners also decided to stick with 230 Park Avenue, inking a direct 10-year lease for 71,000-square-feet of space in March. [NYO] Julie Strickland