Seven Years, Seventeen Percent
A pioneer in marketing technology has signed a lease for 30,299 SF on the fifth and sixth floors of 470 Park Avenue South. The firm will pay rent in the $50s PSF for the duration of the 10-year lease, in line with the recent 9,936 SF lease signed by a famous travel site on the tenth floor of the building. The company is occupying a space previously leased by Progressive Plan Administrators, which renewed in 2007. The former tenant's starting rent was in the low-$40s, about 17% lower than what it signed for.
Activity at 521 Fifth Avenue
Earlier this week, the Commercial Observer reported that CFC Capital, a Stamford, CT based firm, signed a 10-year lease for the 21st floor of 521 Fifth Avenue. The rent CFC will be paying is in the low-$60s PSF, in line with the mid-$60s PSF starting rent Getnick & Getnick signed for back in December. Earlier last year, Mortgage Industry Advisory subleased the entire 9th floor (20,987 SF) for rent around $40 PSF from Anvil Knitwear.
Top Floors Leased at One New York Plaza
A global cosmetics company has leased the top two floors of One New York Plaza, a total of just over 90,000 SF. It received over one year in free rent in concessions for the 15-year lease. As is most often the case with the top floor of a building, the lease will be structured with different rents on each floor. The 49th floor will cost Revlon around $45 PSF in starting rent, while the 50th floor will cost over 10% more. One New York Plaza saw a wealth of leasing activity recently, such as Mound Cotton Wollan & Greengrass' 58,444 SF lease back in December for rent in the low-$40s PSF.