Park Avenue landlords are tooting their horns after we reported last week that Sixth Avenue regained a narrow edge over Park in terms of the least percentage of obtainable space.
The Stahl Organization’s 277 Park Ave. between East forty seventh and forty eighth streets boasts of nailing down an unreported 175,000 square feet of latest and expansion leases up to now six months — bringing the 1.85 million square-foot tower to 98% leased.
The most important transactions were a 50,000 square-foot recent lease for Sumitomo Corporation of the Americas; a 50,000 square-foot expansion by Sumitomo Mitsui Banking Corporation on top of its existing 266,000 square feet; and 47,000 square feet for Arsenal Capital Management.
Other, smaller recent leases were signed by ERM Engineering & Consulting, Ontario Teachers Pension Plan and an unidentified international bank.
Cushman & Wakefield’s Mark P. Boisi, Bryan Boisi and Stephen Bellwood represented Stahl in all of the transactions. They reflect Park Avenue’s sustained surge in a wildly uneven office market.
The Stahl Organization’s 277 Park Ave. is 98% leased. Wikipedia
While each Park and Sixth avenue’s recent and mid-Twentieth Century towers have relatively low availability of around 11%, Manhattan’s overall rate is 20% — and it’s as high as 30% in parts of town including the Wall Street area.
Stahl’s success at 277 Park has much to do with the $120 million it spent to “reposition” the 1964-vintage property that was originally home to Chemical Bank.
Park and Sixth avenue’s recent and mid-Twentieth Century towers have relatively low availability of around 11%. Google Maps
Major upgrades include a recent Park Avenue lobby with a 30-foot ceiling, a redesigned Lexington side lobby, a tenants’ fitness center on the bottom floor and restaurants from popular chef David Burke. “It’s the entire magilla that tenants expect,” Boisi said.
Asking rents at 277 Park range between $100 and $120 per square foot. JP Morgan Chase is the most important current tenant.
