Demand for prime Park Avenue is so great, one expanding financial company was willing to lease offices on two non-contiguous floors – and to pay more for the second one.
After Munich Re bought out its 320 Park Avenue partner Mutual of America late last year to assume 100% ownership of the tower, as we first reported, the giant insurer moved quickly to lease the few remaining spaces.
In late December, Monroe Capital signed for the entire, 15,000 square-foot 30th floor, moving from 126 E. 56th St. The asking rent was $140 per square foot.
Now, Monroe has added another, lower floor at 320 Park Ave. Sources said Monroe just signed for an additional 15,000 square feet on the entire 21st floor, where the ask was $170 per square foot.
“Demand on Park Avenue is so great that companies are willing to split up their offices just to have more of them,” our source marveled.
Savills’ Greg Taubin repped Monroe.
JLL’s Frank Doyle, Dave Kleiner and Carlee Palmer repped landlord Munich Re.
Most retail space at 1013 Third also remains vacant since Ethan Allen left a few years ago.
A city agency temporarily leases part of it but lack of signage makes it look as bleak as its surroundings.
Brokers blame any number of factors — too-high rents, structural problems and the like. The real problem, though, is diminished overall demand, which lets store tenants in the market pick and choose more carefully than in the past.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
