SL Green, Vornado sign Japanese financial firm at 280 Park

Orix USA Corporation is taking 20K sf at the building for 10 years

TRD New York /
Feb.February 10, 2017 02:10 PM

From left: Marc Holliday, 280 Park Avenue and Steve Roth

The U.S. arm of Japan-based financial firm Orix USA Corporation signed a 20,123-square foot lease at Vornado Realty Trust and SL Green Realty’s 280 Park Avenue.

The lease is for 10 years, and will see the firm taking space across the entire 40th floor of the 43-story Midtown building, the Commercial Observer reported.

Asking rents were $115 per square foot, according to the publication. Orix USA is a tenant at 485 Lexington Avenue, where it has just over 14,078 square feet.

SL Green and Vornado paid close to $500 million for the 1.2 million-square-foot property in 2011, and then spent $150 million renovating it. It is set to be home to the new Four Seasons restaurant.

Last month, Wells Fargo was in late-stage talks on a renewal-and-expansion deal to take 40,000 square feet at the building.

In December, private equity firm Antares Capital signed a 55,000-square-foot lease at the building. GIC, a Singaporean government-owned fund manager, signed up for 50,000 square feet there in 2015.

JLL’s Martin Horner represented Orix USA, and Peter Turchin of CBRE represented the landlords. [CO]Miriam Hall

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