101 Park Avenue
Canadian wealth administration agency CI US Holdings has signed a long-term, 50,000-square-foot lease at HJ Kalikow & Co.’s 101 Park Ave. workplace tower in Midtown Manhattan. Avison Younger and Savills brokered the lease settlement for the twenty ninth and thirtieth flooring on the property on behalf of the tenant, whereas Cushman & Wakefield represented the owner.
The workplace constructing, which additionally contains 30,000 sq. ft of retail house, presents quite a lot of facilities for tenants, akin to a company occasion house and Membership 101, a eating membership, enterprise, and leisure venue. Moreover, the workplace tower features a financial institution, a full-service information stand, a grand five-story foyer entrance, a backup generator, 24 elevators for passengers, in addition to a loading dock with 4 bays together with a parking storage.
The Class A property, in-built 1982 and totaling 1.3 million sq. ft, has been owned by HJ Kalikow since its completion and it additionally serves as the corporate’s headquarters. The tower is positioned on the intersection of fortieth Road and Park Avenue, which is near the Grand Central Terminal. The world presents loads of choices for eating, leisure and procuring.
Cushman & Wakefield Government Vice Chair John Cefaly and Managing Director Nicholas Dysenchuk represented HJ Kalikow within the transaction. Avison Younger Principal Mark Robbins and Director Evan A., along with Mitti Liebersohn of Savills Chairman Mitti Liebersohn, negotiated the deal on behalf of CI US Holdings.
Rising tenant roster in Midtown Manhattan
A number of different offers passed off just lately on the property, akin to Convene increasing to 25,200 sq. ft and Wendel North America inking an 8,402-square-foot lease on the forty sixth flooring of the constructing. Incline Fairness Companions additionally signed a 18,000-square-foot lease on the forty sixth flooring earlier this month. Moreover, 5 Iron Golf signed for 30,000 sq. ft on the third flooring of the property.
Cushman & Wakefield reported that, in 2022, new leasing in Midtown Manhattan reached 16.5 million sq. ft, a rise of 36.5 p.c from the earlier yr. Though exercise was decrease than the report common clocking in at 21.3 million sq. ft between 2017 and 2019, exercise final yr was according to the long-term historic common.
READ ALSO: The Solar Belt’s Surging Workplace Market
Based on the identical analysis carried out by Cushman & Wakefield, the Grand Central submarket recorded the very best degree of recent Midtown leasing exercise in 2022, at 2.8 million sq. ft, pushed by constant exercise in buildings akin to 101 Park Avenue.
Different tenants on the location embody Morgan Lewis, Sandow Media, Gamma Actual Property, Federal Dwelling Mortgage Financial institution of New York and Morgan Stanley, CommercialEdge exhibits. Based on the identical supply, the LEED Gold licensed high-rise homes a 17,000 sq. foot, two-story museum.
