A Fresh Take on CRE

NY Weekly Comp Digest: Top Floors Leased on Park, Scripps Renews and Expands by a Floor

Every week, we compile a digest of some recent deals from the CompStak database. We hope you will find the information helpful.

   
https://www.viewthespace.com/spaces/499-park-avenue-sale-27th-and-28th-floor

Top Floors Leased on Park

Dow Chemical Company leased the top two floors of 499 Park Avenue. The starting rent for the 18,244 SF space will be over $130 PSF and the lease term is ten years. Dow currently has 5,698 SF on the 22nd floor of 450 Park, where it is paying around $150 PSF in a lease that was signed in 2007, which is set to expire in 2014. A few months ago, Dow was believed to be on the verge of signing a renewal and expansion at 450 Park Avenue for an additional 5,041 SF on the same floor, with starting rent around $115 PSF. For a video tour of the building, visit View The Space.



   
https://www.viewthespace.com/properties/1180-avenue-of-the-americas


Scripps Renews and Expands by a Floor

Scripps Network is currently occupying 98,908 SF across five floors at 1180 Avenue of the Americas. Scripps is paying rent in the mid-$70s PSF for floors 11-12 and 14-15, and rent in the $50s PSF for the 9th floor. Both leases are set to expire in 2018. Recently, Scripps signed a renewal for the space, which will commence four years from now with rent in the mid-$70s PSF. Additionally, Scripps signed a lease for the 10th floor, 21,813 SF, for which it will be starting rent around $60 PSF. The renewal and expansion will be coterminous and are set to expire in 2021. For a video tour of the building, visit View The Space.



   
712 Fifth Avenue


Three Years, Thirty Dollars

Pinnacle Asset Management renewed its lease for the 29th floor of 712 Fifth Avenue. The 9,816 SF space cost Pinnacle rent in the mid-$70s PSF when they signed their lease during the lows of 2010. About three years after signing the lease, in the second quarter of 2013, the market had seen a wave of leases above $100 PSF in select properties, 712 Fifth Avenue among them. Most notable was the expansion of Aberdeen Asset Management on the 51st floor, with rent over $130 PSF. Before the expiration of the four-year lease, Pinnacle renewed for another three years, this time for over $100 PSF - a more than $30 rent hike since 2010.