As long as the Manhattan office market mostly stinks — despite cheering upticks in renewals and slightly reduced sublease availability — market-watchers are taking solace in modest success stories where they can be found.
A good case in point is a leasing surge at 410 Park Ave., which many New Yorkers call “the Ferrari building” due to the automaker’s glamorous, ground-floor showroom.
Global Holdings Management Group’s 22-story, 250,000 square-foot boutique tower at the corner of East 55th Street has seen over 100,000 square feet of new leases and expansions over the past few months, bringing the property to 92% taken.
The boomlet there is part of Park Avenue’s ongoing revival, where larger towers have gotten the most attention. In the latest deal at 410 Park, private equity firm TriPost Capital Partners signed for the entire, 11,885 square-foot fourteenth floor, moving from a much smaller space at 654 Madison Ave. Other recent signings arranged by the landlord’s agent, JLL, included for Glendower Capital, China CITIC Bank, and merchant bank Incentrum Group.
Many New Yorkers call 410 Park “the Ferrari building” due to the automaker’s glamorous, ground-floor showroom.Credit: Global Holdings
Asking rents at 410 Park are $72-$80 per square foot. Tenants have use of a private events lounge and a SkyTrak SIG10 Golf Simulator installed as part of a recent capital upgrade program.
Paul Glickman led the landlord’s JLL leasing team on the TriPost deal which included Benjamin Bass, Diana Biasotti, Kristen Morgan and Harrison Potter. JLL’s Evan Margolin and Scott Ansel repped TriPost.
Glickman credited Global Holdings Management with “responding to a market that now requires space around new workplace strategies that accommodate the way companies want to work today.”
Source link: https://nypost.com/2023/10/08/ferrari-building-continues-leasing-surge-by-adding-private-equity-firm-tripost-capital/