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Investment Firm Signs 77 KSF Manhattan Lease

In 2022 SL Green paid $1.8 billion for the 45-story high-rise. Image courtesy of CommercialEdge

SL Green Realty Corp. has inked a 76,716-square-foot lease at 245 Park Ave., a 1.8 million-square-foot office tower in Manhattan. Investment firm Stonepeak Partners will occupy the 31st and 32nd floors of the property for 15 years. CBRE represented the tenant, while Cushman & Wakefield negotiated for the landlord.

So far this year, SL Green inked leases amounting to almost 200,000 square feet at the property. The company acquired the building in 2022 for $1.8 billion from HNA Group, CommercialEdge data shows. Currently, the tower is subject to a $1.2 billion loan from Wilmington Trust, originated by JPMorgan Chase. Earlier this year, the firm sold a 49.9 percent stake in 245 Park Ave. to Mori Trust Co., a Tokyo-based developer and investor.

The CBRE team representing the tenant included Vice Chairmen Silvio Petriello and Ben Friedland, along with Associate Tamika Kramer. The Cushman & Wakefield team working for the landlord included Executive Vice Chairs Patrick Murphy and Tara Stacom, Chairman Bruce Mosler, Executive Managing Director Harry Blair, Vice Chair Ron LoRusso, Executive Director Justin Royce and Director Will Yeatman.

The news comes on the heels of PJT Partners signing a 269,905-square-foot lease at 280 Park Ave., also owned by SL Green.

Bringing the office tower up-to-date

Dating back to 1966, the building was completely renovated in 2000 and underwent cosmetic improvements in 2006. Currently, the 45-story tower is undergoing a design redevelopment that includes new exterior windows and retail storefronts, a new terracotta facade, a new lobby and a 17,000-square-foot wellness center with golf lounge. In addition, the property will feature a plaza-level, 10,000-square foot fine dining restaurant and a rooftop restaurant. Kohn Pederson Fox will oversee the renovations.

The Class A building features floorplates varying between 37,000 and 79,508 square feet, as well as 30 passenger elevators. In addition, the property comprises 68,000 square feet of first-level retail space. Located at 245 Park Ave., the tower is less than a mile from the Empire State Building and the Rockefeller Center. Lower Manhattan is 2.8 miles away, while John F. Kennedy International Airport is some 14 miles northeast.

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