BXP is welcoming in a handful of tenants at 360 Park Avenue South as Midtown South building moves towards full occupancy.
Tenants signed for a combined 230,000 square feet recently at the property, the New York Post reported. The leases put the 450,000-square-foot building above 90 percent occupied.
The biggest move was made by trading firm Optiver, which expanded by 92,000 square feet. The firm started leasing at the building in May, when it took 23,000 square feet on the 12th floor.
BXP was represented in-house by Andrew Levin and Will Stark, according to the Commercial Observer, alongside a CBRE team including Peter Turchin, Gregg Rothkin and Hayden Pascal.
Optiver’s expansion is one of several deals unfolding at 360 Park Avenue South. Hunter Point Capital leased 46,000 square feet at the building, while Marriott International, Trexquant, Betches Media and Vercel each took 23,000 square feet.
“Midtown south demand continues to center on strong design, flexible amenities and immediate transit access,” BXP executive vice president Hilary Spann said in a statement.
The asking rent on the various spaces in the building was not disclosed, but came in at $100 per square foot as recently as January, according to the Observer.
BXP bought the property in 2021 for $300 million, embarking on an extensive $100 million renovation after the acquisition. The purchase, made in a joint venture with the Steinberg family’s Empire Asset Management, gave BXP a 42 percent stake, as well as leasing and management responsibility for the 20-story property.
In 2024, BXP acquired a 29 percent stake in 360 Park Avenue South for the basement price of $1 after the Canadian Pension Plan Investment Board decided it was ready to wash its hands of the investment it made at the building.
The pension plan was released from $46 million in future funding, as well as $5 million in annual interest payments stemming from BXP’s assumption of CPP’s share of the $220 million mortgage.
BXP is seeing leasing momentum elsewhere in Manhattan. At the start of the year, global investment and insurance firm Starr signed a 275,000-square-foot lease at 343 Madison Avenue, BXP’s 46-story office tower rising above Grand Central Terminal.
— Holden Walter-Warner
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