A Fresh Take on CRE

Weekly Comp Digest: 280 Park Ave, 390 Park Ave, 40 Wall Street




Two Renewal & Expansion Deals at 280 Park Avenue

Blue Mountain Capital will relocate from 22,250 SF on the 5th floor of 280 Park Avenue, where the current rent is in the $90s PSF, to the full 49,751 SF 12th floor, with a slightly higher rent.  Blue Mountain's neighbor Promontory Financial Group is also expanding to the full 11th floor to replace its 19,495 SF 40th floor. Promontory's new rent is in the mid $90's PSF.







Get the Blue Mountain Fifth Floor Comp Get the Blue Mountain 12th Floor comp Get the Promontory 40th Floor comp Get the Promontory 11th Floor comp





Sublease at Lever House in the Triple Digits

Stone & Youngberg will sublease the 15th floor at 390 Park Avenue (aka Lever House) to Axonic Capital. The sublessor is currently paying just over $100 PSF for the 10,700 SQFT space, with an escalation pending. The sublessee will pay flat rent in the triple digits for the remaining 7 years of the lease term. Recent direct tenants in the building, such as hedge fund Third Point, paid as much as $140 PSF.







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40 Wall Street: A Sublease Turns Direct

Boyce Technologies signed a direct lease with the Trump Organization after subleasing a 6,166 SF office on the 25th floor for the past three years. The sublease rent was in the mid-$20s PSF and the new direct deal is in the mid-$30s, which is in line with recent leases in the building.







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