Boston Properties’ Midtown South offices signs tenant for 70K sf  

Two years after rolling the dice on a Midtown South office building, Boston Properties landed its first office tenant at 360 Park Avenue South.

San Francisco-based wealth manager Iconiq Capital signed a deal for 70,000 square feet at the 440,000-square-foot property, the New York Post reported. Terms of the deal were not disclosed, but it was the first office lease signed since BXP’s $100 million redevelopment, which began after it acquired the property in July 2021.

Iconiq is relocating from Rockrose Development’s 15 East 26th Street, where it occupied 30,000 square feet. Rockrose launched a repositioning of that property and the one next door early last year.

CBRE’s Jeff Fischer and Chris Corrinet represented Iconiq. A CBRE team including Peter Turchin and Gregg Rothkin represented BXP.

In 2021, BXP purchased the Midtown South property through a joint venture with the Steinberg family’s Empire Asset Management for $300 million. The deal gave BXP a 42 percent stake in the property, as well as responsibility for leasing and management.

Owen Thomas’ firm immediately set out to update common areas and systems within the 20-story property. James Kent’s SAGA Hospitality Group has since signed on to launch a 7,000-square-foot eatery.

Leasing activity in Manhattan jumped by 26 percent from the second to third quarter, according to a report from Colliers. Available office space remained at an all-time high of 19.4 percent, though, and a big chunk of the office leasing activity came from two megadeals.

Iconiq — which serves the likes of high-net individuals such as Mark Zuckerberg, Sheryl Sandberg and Jack Dorsey — last year subleased 89,000 square feet at Paramount Group’s 300 Mission Street in San Francisco’s Mission District. The company subleased its headquarters space from Autodesk.

About the same time, Iconiq also bought a minority stake in Madison Realty Capital, a New York-based real estate investment firm.

— Holden Walter-Warner

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