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245 Park Avenue

245 Park Avenue
New York, NY 10017
(212) 417-7020
Website
Office, Leasing/Rental

The 45-story, 1,867,000-square-foot office tower at 245 Park Avenue is one of the premier Class A commercial properties in Midtown.

The tower is owned and operated by Brookfield, the Canadian giant that also controls, through its various subsidiaries, several other Manhattan properties, including the five-building Brookfield Place and the under-development Manhattan West project.

Some 68,000 square feet of 245 Park is turned over to retail, while the remainder is office and support-services space, including 80,000 square feet of parking. The typical floorplate is 36,000 to 45,000 rentable square feet. Rents at 245 Park are among the highest in Manhattan, often starting at or north of $100 a square foot. The New York Observer in 2007 named the building one of the 10 priciest office towers in the city.

Tenants include Major League Baseball, which rents more than 130,000 square feet for its headquarters; and Societe Generale SA, Frances second-largest bank, which leased 552,400 square feet in 2010 for its U.S. headquarters.

Duncan McCuaig handles office leasing at the building; and Edward Hogan, also of Brookfield, handles retail deals. Designed by Shreve, Lamb & Harmon Associates, 245 Park was built in 1967.

-TA

  • Year Built 1966
  • square feet 1,586,886
  • block and lot 1-00130-1001
  • BIN 1036205
  • Event Sales
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Price $ 148,200,000
notes
The buyer secured a stake in the Grand Central property for $148.2 million.
  • Event Sales
  • Address 245 Park Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 1,800,000
  • Price $ 2,210,000,000
  • Price per foot $ 1,227.00
notes
The 48-story building with 35 commercial units sold for $2.2 billion.
  • Event Financing
  • Address 245 Park Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 1,800,000
  • Price $ 1,200,000,000
  • Price per foot $ 666.00
notes
The entity secured a $1.2 billion refinance for the 48-story building with 35 commercial units.
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 36,000
notes
The broker-dealer signed a lease, the New York Post reported. The tenant is relocating from a smaller, 10,000-square-foot space at 650 Fifth Avenue.
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 50,000
notes
The investment firm signed an expansion lease for an extra floor, Crain's reported. The tenant now occupies about 110,000 square feet at the building.
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 74,766
  • Publication Date 08/01/2012
  • Event Date 06/22/2012
  • Party 2 Angelo Gordon & Company
  • Party 2 Brokerage Newmark Grubb Knight Frank
  • Party 2 Broker David Falk, Peter Shimkin
notes
The investment advisor signed a lease renewal.
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 20,700
  • Publication Date 01/01/2012
  • Event Date 11/22/2011
  • Party 1 Brookfield Office Properties
  • Party 1 Brokerage In-house
  • Party 2 Skandinaviska Enskilda Banken
  • Party 2 Brokerage Cassidy Turley
  • Party 2 Broker Aron Schreier, Jonathan Schindler
notes
The Nordic financial company signed a long-term lease.
  • Event Financing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 1,700,000
  • Publication Date 01/01/2011
  • Event Date 11/22/2010
  • Party 1 Brookfield Office Properties
  • Party 1 Brokerage JLL
  • Party 1 Broker Robert Martin
  • Party 2 Bank of China
notes
An $800 million refinancing loan was provided for the Class A building. 44-story office building.
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 444,000
notes
The financial services firm signed a 20-year lease for floors three through 12. The lease will begin in mid-2013. The company will be relocating from 1221 Sixth Avenue, its home for the last 20 years.
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 59,714
notes
The private equity firm signed a lease for 15 years and nine months.
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 23,826
  • Publication Date 07/01/2007
  • Event Date 05/22/2007
  • Party 1 JPMorgan Chase & Co.
  • Party 1 Brokerage CBRE
  • Party 2 DiMaio Ahmad Capital
  • Party 2 Brokerage Grubb & Ellis
  • Party 2 Broker Howard Grufferman
notes
The hedge fund subleased space.
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 17,000
notes
The offices of SEB Enskilda, which had been located 570 Lexington Avenue, were sublet and the firm then moved into offices occupied by parent company Skandinaviska Enskilda Banken. The parent company then inked a long-term lease renewal for the space at 245 Park Avenue.
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 147,000
notes
The group signed a renewal lease that included an expansion of an additional 36,000 square feet.
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 45,000
  • Publication Date 11/01/2005
  • Event Date 09/22/2005
  • Party 1 JPMorgan Chase & Co.
  • Party 1 Brokerage Cushman & Wakefield
  • Party 1 Broker Gary Greenspan
  • Party 2 Nemec Agency
  • Party 2 Brokerage Byrnam Wood
notes
Unit of Northwest Mutual Life subleases space, moves from 1114 Sixth Avenue.
  • Event Retail Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 1,750
  • Publication Date 09/01/2005
  • Event Date 07/23/2005
  • Party 2 Juan Valdez Café
  • Party 2 Brokerage Grubb & Ellis
  • Party 2 Broker Dan Gronich, Gary Schwartzman
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 9,148
  • Publication Date 05/01/2005
  • Event Date 03/22/2005
  • Party 1 Marakon Associates
  • Party 1 Brokerage CBRE
  • Party 1 Broker Alan Desino
  • Party 2 DA Capital
  • Party 2 Brokerage Grubb & Ellis
  • Party 2 Broker Andrew Hawkins, Howard Grufferman
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 38,821
notes
Investment co. renews lease and adds 19,800 sf
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 35,000
  • Publication Date 11/01/2004
  • Event Date 09/22/2004
  • Party 1 CIBC World Markets
  • Party 1 Brokerage Handler Real Estate Organization
  • Party 1 Broker Paul Spiegel
  • Party 2 Rabobank International
  • Party 2 Brokerage Cushman & Wakefield
  • Party 2 Broker Franklin Speyer, Louis D'Avanzo, Stuart Romanoff
notes
Dutch bank expands to entire 37th floor
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 60,152
notes
Investment banking firm moving from 685 Third Ave and expanding
  • Event Office Leasing
  • Address 245 Park Avenue
  • Neighborhood Grand Central
  • Borough Manhattan
  • Square feet 19,095
notes
Insurance firm, with office downtown, expands in Midtown

04/01/2018
And HNA Group took pitches from the top firms last year to lease its 1.7-million-square-foot 245 Park Avenue, but that process has been put on hold as the Chinese firm looks to sell the building under pressure from its government...

02/01/2018
Though many firms traded places on this year’s ranking, CBRE’s investment sales team â€' led by Darcy Stacom and Bill Shanahan â€' held onto the No. 2 spot, with $6.02 billion across 29 transactions. CBRE also negotiated the largest deal of 2017: HNA Group’s $2.2 billion purchase of 245 Park Avenue, one of the priciest single-building trades in NYC to date...

01/01/2018
But it turns out the bank never missed a beat. It had a hand in several major syndicates last year, including the $1.75 billion financing of HNA Group’s 245 Park Avenue acquisition in April and a $1.075 billion refinancing of SL Green Realty and Vornado Realty Trust’s 280 Park Avenue...

11/30/2010
It's the French to the rescue -- sort of. In the largest lease deal of the year, Paris-based financial firm Societe Generale last month agreed to take up to 560,000 square feet at 245 Park Avenue, moving east from offices on Sixth Avenue in Rockefeller Center...