Eyal Ofer’s $30 million repositioning of 99 Park Avenue has yielded one other massive lease.
Ofer’s International Holdings signed the wealth administration agency Cerity Companions to simply shy of 49,000 sq. ft on the 26-story Midtown workplace tower.
Cerity, which has greater than $130 billion of property beneath administration, had been a subtenant on the sixteenth ground and expanded by way of a direct take care of the owner.
International Holdings stated it has signed greater than 300,000 sq. ft value of offers at 99 Park since saying a $30 million repositioning earlier this 12 months. It’s at the moment 98 % occupied.
“Our funding in a transformative renovation has positioned 99 Park as one of the crucial sought-after addresses close to Grand Central Station, and the constructing’s sturdy leasing exercise this 12 months displays that success,” stated leasing director Craig Panzirer.
International Holdings has been considerably upgrading the Nineteen Fifties-era, 600,000-square-foot workplace constructing simply south of Grand Central between East thirty ninth and fortieth streets. This included a redesigned facade, and facilities comparable to a speakeasy, golf simulator and convention middle. The renovation is anticipated to be accomplished subsequent 12 months.
Earlier this 12 months, the owner signed Amalgamated Financial institution to a 15-year lease in a relocation from its longtime headquarters at 275 Seventh Avenue. The 94,000-square-foot deal included house on the bottom ground for a non-public entrance foyer.
Different latest offers at 99 Park embrace the strategic advisory agency Geller & Firm, worldwide youngsters’s attire firm Garan, wealth-management agency Steward Companions and Metropolitan Financial institution.
Geller signed its lease for 45,000 square feet in March, relocating from 909 Third Avenue. That very same month, Garan doubled its house on the constructing.
The realm round Grand Central has been one of many tightest workplace submarkets within the metropolis in recent times. The provision price was 13.6 % within the third quarter, in keeping with Savills.
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