TF Cornerstone has signed a 21,000-square-foot, 10-year extension and renewal with Criteo at 387 Park Ave. S. in Manhattan’s Flatiron District. Cushman & Wakefield labored on behalf of the owner.
The commerce media firm has been a tenant on the 232,000-square-foot workplace constructing since 2015, CommercialEdge information reveals. Criteo occupies the highest flooring and the penthouse of the property, utilizing this house as its North American headquarters. The renewed dedication occurred when the 13-story property reaching full occupancy.
Different tenants at 387 Park Ave. S. consists of eRealty Advisors, The Corcoran Group, Optimus Advertising Inc., Coachieve and Third Republic, based on the identical supply. Final month, The Malin opened its new flex workplace location on the property, with a 20,000-square-foot dedication on the fifth flooring. Moreover, the owner has additionally expanded its personal footprint right here with a further 7,000 sq. ft of house, now occupying a complete of 59,000 sq. ft.
TF Cornerstone’s possession of 387 Park Ave. S.
TF Cornerstone picked up the property in 2005 for almost $68 million, based on CommercialEdge, later changing into topic to a $100 million mortgage held by Equitable Insurance coverage Co., with a maturity date set for 2030. The 1910-built workplace mid-rise options 19,372-square-foot floorplates, 14,899 sq. ft of first-floor retail house, six passenger elevators and an on-site convention middle.
The corporate renovated 387 Park Ave. S. between 2015 and 2017, with a greater than $20 million funding. The property now consists of an upgraded foyer, a glass façade on the decrease three flooring, new elevators and a roof deck amenity house wit a 1,700-square-foot convention room.
Located between Union Sq. and Grand Central Terminal, 387 Park Ave. S. is 4 miles from the Higher West Aspect, 5 miles from the Monetary District and inside 18 miles of John F. Kennedy Worldwide Airport.
The owner was represented by Chairman of World Brokerage Bruce Mosler, Managing Director John Fitzsimons and Govt Vice Chairmen Ethan Silverstein and Mark Mandell with Cushman & Wakefield.
Notable offers in pricy Manhattan
As of September, Manhattan’s workplace emptiness reached 16.8 %, marking a 90-basis-point year-over-year drop, whereas additionally being beneath the nationwide charge 19.5 %, a current workplace market replace reveals. The borough stays the priciest marketplace for workplace leasing, with asking rents averaging $67.93 per sq. foot, greater than double the nationwide itemizing charge of $32.89 per sq. foot.
Latest offers within the metro embrace SL Inexperienced Realty Corp.’s 72,515-square-foot lease at 245 Park Ave. Cushman & Wakefield represented the owner within the 10-year lease signing with tenant Verition Group NY Inc.
One other vital dedication was a 53,779-square-foot growth on the Empire State Constructing. Savills represented the tenant, regulation agency Hecker Fink LLP, that expanded its footprint on the 102-story skyscraper.
