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237 Park Avenue

237 Park Avenue
New York, NY 10017
Office, Conversion, Leasing/Rental

Privately held real estate investment firm RXR Realty acquired the 21-story, 1,243,383-square-foot Class office building at 237 Park Avenue from the holding company for defunct bank Lehman Brothers in early 2013 for around $800 million. It was one of the biggest single-building purchases since the Great Recession.

RXR immediately added to its tab by announcing a major renovation of 237 Park. That renovation, which includes a new lobby and faade designed by Moed de Armas & Shannon, eventually ran to a little less than $100 million, according to RXR president and CEO Scott Rechler.

Tenants in 237 Park include Credit Suisse, UBS, marketing firm JWT and investment firm Jennison Associates. Asking rents in the building are in the $80s a square foot, slightly higher than the average for that Grand Central area of Midtown.

The building was developed in the very early 1900s and designed by architect Warren & Wetmore. A 1981 renovation was handled by architect Edward Durell Stone. ¾-TA

  • Address 237 Park Avenue
  • neighborhood Grand Central
  • borough Manhattan
  • owner RXR Realty
  • PLANS DISCLOSED 01/01/1900
  • dob permit issued 01/06/1900
  • DOB FILE PLANS 01/01/1900
  • DOB FILE Link
  • floors 21
  • Year Built 1915
  • ag file plans 01/09/1900
  • AG FILE Link
  • commercial units 2
  • total units 2
  • square feet 1,243,383
  • const. status Under Construction
  • block and lot 1-01300-0014
  • BIN 1036186
  • Event Retail Leasing
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 2,407
  • Amount Price 300
notes
The restaurants inked a 15-year lease for the Grand Central space which had an asking rent of $300 per square foot.
  • Event Retail Leasing
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 1,571
  • Amount Price 250
notes
The restaurant inked a 12-year lease for the Grand Central building which had an asking rent of $250 per square foot.
  • Event Office Leasing
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 270,536
notes
The bank signed a deal to renew its lease for the Grand Central building.
  • Event Financing
  • Address 237 Park Avenue
  • Neighborhood Midtown East
  • Borough Manhattan
  • Square feet 1,116,774
  • Price $ 514,600,100
  • Price per foot $ 460.00
  • Publication Date 07/01/2017
  • Event Date 06/11/2017
  • Party 1 Walton Street Capital, RXR Realty
  • Party 1 Brokerage Cushman & Wakefield
  • Party 1 Broker n/a
  • Party 2 Morgan Stanley, Societe Generale
notes
The investors secured a $514.6 million mortgage.
  • Event Office Leasing
  • Address 237 Park Avenue
  • Neighborhood Midtown East
  • Borough Manhattan
  • Square feet 77,000
notes
The Canadian consulate signed a 15-year lease on the 19th and 20th floors.
  • Event Office Leasing
  • Address 237 Park Avenue
  • Neighborhood Midtown East
  • Borough Manhattan
  • Square feet 500,000
notes
The hospital signed a lease for its administrative offices.
  • Event Office Leasing
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 270,000
  • Price per foot $ 80.00
  • Event Retail leasing
  • Address 474 Lexington Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 1,400
  • Event Sales
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 1,200,000
  • Price $ 810,000,000
  • Price per foot $ 675.00
notes
The property sold for $810 million, Crain's reported. The buyer plans to renovate the building.
  • Event Office Leasing
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 58,654
  • Publication Date 04/01/2009
  • Event Date 02/20/2009
  • Party 1 The Bear Stearns Company
  • Party 2 Stifel, Nicolaus & Company
  • Party 2 Brokerage Grubb & Ellis
  • Party 2 Broker Joel Wechsler, Jason Stewart
notes
The financial services company signed an 11-year sublease.
  • Event Sales
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 1,160,000
  • Price $ 1,180,000,000
  • Price per foot $ 1,017.24
notes
The building sold for $1.18 billion, or approximately $1,000 per square foot, as part of a national $5 billion, 24-building portfolio buy.
  • Event Office Leasing
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 107,000
notes
The investment bank inked a deal to expand in the 1.2-million-square-foot building, where it already occupies nearly 150,000 square feet. The space became available after Monday Properties completed a partial termination of leases with Credit Suisse and Revlon. Both firms remain tenants at 237 Park Avenue.
  • Event Office Leasing
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 12,794
  • Publication Date 12/01/2006
  • Event Date 10/22/2006
  • Party 1 Brokerage Grubb & Ellis
  • Party 1 Broker Harry Seherr-Thoss
  • Party 2 Friedberg Milstein
  • Party 2 Brokerage Grubb & Ellis
  • Party 2 Broker Harry Seherr-Thoss
  • Event Office Leasing
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 150,000
  • Publication Date 09/01/2006
  • Event Date 07/23/2006
  • Party 2 Bear Stearns
  • Party 2 Brokerage CBRE
  • Party 2 Broker David Levinson
notes
The investment bank had been seeking larger offices and decided that it would need to divide its 250,000-square-foot requirement into two smaller spaces. It also took space at 320 Park Avenue.
  • Event Office Leasing
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 118,000
  • Publication Date 12/01/2005
  • Event Date 10/22/2005
  • Party 1 Monday Properties
  • Party 1 Brokerage in-house
  • Party 1 Broker Brian Robin
  • Party 2 Jennison Associates
  • Party 2 Brokerage CBRE
  • Party 2 Broker Edward Lederman
notes
Financial services firm doubles its space and extends its current lease through 2020.
  • Event Office Leasing
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 59,000
  • Publication Date 09/01/2005
  • Event Date 07/23/2005
  • Party 1 Monday Properties
  • Party 1 Brokerage Monday Properties
  • Party 1 Broker Brian Robin
  • Party 2 UBS
  • Party 2 Brokerage Cushman & Wakefield
  • Party 2 Broker Donald DiRenzo
notes
Wealth management firm signs 10-year lease
  • Event Office Leasing
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 270,280
  • Publication Date 04/01/2005
  • Event Date 02/20/2005
  • Party 1 Monday Properties
  • Party 1 Brokerage In-house
  • Party 2 J. Walter Thompson
  • Party 2 Brokerage Cushman & Wakefield
  • Party 2 Broker Donald DiRenzo Sr., Jeff Cohen
notes
Advertising agency signs 10-year lease renewal
  • Event Office Leasing
  • Address 237 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 3,460
  • Publication Date 07/01/2004
  • Event Date 05/22/2004
  • Party 1 Max Capital Management
  • Party 2 Party Basket Enterprises
notes
Hallmark Cards retailer replaces closed card store

04/01/2018
Likewise, Cushman’s Michael Burgio represented longtime client New York-Presbyterian Hospital. Last year, Burgio represented the hospital in a 479,000-square-foot leasehold-condo deal at RXR Realty and Walton Street Capital’s 237 Park Avenue...

02/01/2018
Some would-be sellers scrapped plans to sell altogether and instead tacked on fresh mortgages. Walton Street Capital and RXR Realty’s 237 Park Avenue and JEMB Realty’s 75 Broad Street, for example, could have each joined the year’s list of building sales, but instead received $850 million and $250 million refinancings...

01/31/2010
Fueling the high sublet rate was a trio of buildings on the thoroughfare, including 277 Park Avenue, which has about 400,000 square feet of sublet space available, as well as 320 Park Avenue and 237 Park Avenue, CoStar Group data showed...