Tenants shuffled after snub at 399 Park

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A perceived snub has reportedly resulted in a 60,000-square-foot lease on the 11th floor of 399 Park Avenue by commercial brokerage Studley, rather than hedge fund Avenue Capital Group. Avenue was edging in on a deal with 399 Park’s owner, Boston Properties, when Boston caught wind of a rumor that Avenue was still shopping around. Meanwhile, Studley was looking to expand beyond its current 40,000-square-foot location at 300 Park Avenue, and Boston capitalized on the opportunity. Boston agent John Powers of CB Richard Ellis offered the firm “a very attractive proposal” on that same 11th-floor space, a source told the Post’s Steve Cuozzo. A lease was signed within days. [Post]

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