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Morgan Stanley’s 2 Park Ave. snags book marketer for 27K sf
Bookspan will pay in the high-$30s for subleased space
There are subplots and there are subleases. At 2 Park Avenue, the two are coming together in a way. Swedish media company Bonnier Corp., which publishes Popular Science and Outdoor Life, is subleasing 27,000 square feet of its space in Morgan Stanley’s office building to book marketer Bookspan, The Real Deal has learned from CompStak.
Bookspan, a subsidiary of German media giant Bertelsmann SE & Co. KGaA, is moving to the 981,000-square-foot, 29-story skyscraper from its office in Garden City, N.Y. The square-foot rent rate for the seven-year lease starts in the high $30s for the space, on the 10th floor, the CompStak data show; Bonnier is paying in the high $40s for all of the tenth and ninth floors.
CBRE’s Paul Walker and Arkady Smolyansky represented Bonnier; Studley’s Gabe Marans and Ken Ruderman represented Bookspan. Walker confirmed the transaction but declined to comment further. The other brokers could not be immediately reached for comment.
In July, designer Kate Spade New York took 39,300 square feet at the building, bringing its total space to more than 135,000 square feet, as The Real Deal reported.
In 2007, a joint venture between L&L Holding Company and an affiliate of General Electric Pension Trust sold the property to Morgan Stanley Real Estate Fund for $519 million.