A financial services firm is parking its Manhattan headquarters at Eyal Ofer’s upgraded Murray Hill office tower.
Geller & Company signed a lease for just over 45,000 square feet at Global Holdings’ 99 Park Avenue, the landlord announced. The asking rent on the deal was not disclosed, but the firm will occupy part of the ninth floor and the entire 10th floor of the property, located two blocks south of Grand Central Terminal, for 11 years.
Geller, which provides financial and advisory services, is relocating to the 26-story Class A tower from Vornado’s 909 Third Avenue. The move comes at a boom time for Park Avenue, where the vacancy rate is down to a seven-year low of 8.9 percent, the Wall Street Journal recently reported, citing CoStar data.
Cushman & Wakefield’s Bryan Boisi and Romanoff Realty Services’ Stuart Romanoff represented Geller in the deal. Global Holdings was represented in-house by Craig Panzirer and Alex Radmin, and by a JLL team that included Paul Glickman and Diana Biasotti.
A $30 million capital improvement project is underway at the 600,000-square-foot Art Deco tower that includes an upgraded lobby and amenity spaces.
Other tenants include children’s apparel company Garan, investment manager Lubert-Adler and Metropolitan Bank, all three of which recently expanded their footprints. The building is 85 percent leased.
While tenants are flocking to Park Avenue, desperate landlords on nearby Third Avenue are offering 75 percent discounts to the going rates on Park Avenue to attract tenants, according to the Journal.
But companies are still willing to shell out big bucks to be on Park Avenue. Tenants such as law firms, real estate companies, insurers and money managers continue to move there.
Read more
Global Holdings signs three new tenants at 99 Park
Sprechen sie business? German lender gives Eastgate $250M to refinance 99 Park Avenue
Park Avenue offices surge above competition
