The Real Deal New York

Monday Properties to double office space, move to Park Avenue Tower

Real estate investment firm inked a 16K sq ft lease at Equity Office's 65 East 55th St.
December 12, 2017 09:05AM

From left: Park Avenue Tower at 65 East 55th Street, Monday Properties’ Anthony Westreich and Equity Office’s Zach Freeman (Credit: Park Avenue Tower and LinkedIn)

Monday Properties is doubling in size and moving to Equity Office’s Park Avenue Tower in Midtown East.

The real estate investment firm signed a 16,000-square-foot lease for the building at 65 East 55th Street and will occupy the entire 27th floor, according to the Commercial Observer. The lease will last for 16.5 years, and asking rent was between $135 and $140 per square foot.

Monday Properties currently leases 8,500 square feet at 667 Madison Avenue and plans to move during the third quarter of 2018.

The real estate investment firm and its partners Invesco and South Korea’s National Pension Service sold the Helmsley Building to RXR Realty in 2015 for $1.2 billion.

Equity Office bought Park Avenue Tower in 2014 for $750 million. The building stands 36 stories tall and spans 615,000 square feet, with tenants including National Bank of Canada, Cyrus Capital Partners and Eminence Capital.

A JLL team represented Monday Properties in the deal and a Newmark Knight Frank team represented the landlord. [CO]Eddie Small