Renewals happening in Gramercy!
By Gus Delaporte 10/03 2:00pm
Pei Partnership Architects has a signed a renewal for the firm’s 12,281-square-foot space on the 19th floor at 257 Park Avenue South, The Commercial Observer has learned.
The tenant will pay rent starting in the low-$50s per square foot in a 10-year deal at the Feil Organization building, according to data from CompStak.
Pei Partnership Architects was founded in 1992 by Chien Chung Pei and Li Chung Pei, sons of world renowned architect I.M. Pei. Before opening their own firm, the brothers gained over 35 years of combined experience working under their father at I.M. Pei & Partners.
As previously reported, the Environmental Defense Fund signed a long-term renewal for 44,010 square feet at 257 Park Avenue South in April. The non-profit secured the three floors below Pei Partnership Architects for similar terms, according to CompStak.
Built in 1912, the 20-story building at 257 Park Avenue South is located at 21st Street. The Midtown South property boasts an available 7,554-square-foot space on the third floor, which is currently being marketed for $60 per square foot.
The Feil Organization was represented in-house by Robert Fisher, director of commercial leasing. Mr. Fisher declined to comment on the deal. Details on brokers representing the tenant were not immediately available.