Rudin Finishes Filling 345 Park With 70K SF Lease
A lease from Los Angeles-based Capital Group brought 345 Park Avenue to full occupancy, a year on from a tragedy at the building that shook the real estate industry.
The global investment management firm signed a lease for 70,000 square feet at the Midtown office tower, the Commercial Observer reported. Capital Group will occupy the fourth floor of the building under a 10-year lease.
The cost attached to the deal was not disclosed, but during the second quarter, the asking rent for Midtown office space on Park Avenue averaged $127.78 per square foot, according to Newmark. Capital Group is expected to move in next fall while hanging on to its 25,000 square feet at BXP’s 399 Park Avenue.
A CBRE team including Chris Mansfield, Frank Scott and David Opper represented the tenant, while Robert Steinman represented Rudin in-house.
It’s the second major lease in a matter of months at 345 Park. Last month, law firm Loeb & Loeb inked a 16-year lease renewal in the Plaza District building, growing its footprint in the building by 19,000 square feet at the same time.
Elsewhere in Manhattan, Rudin signed mediation service JAMS signed a 55,000-square-foot lease at its 3 Times Square, bringing the tower’s occupancy to 75 percent. The deal, which will see JAMS relocate to the top of the building by late next year, follows a series of property upgrades, including a fitness center and dining area.
The building at 345 Park was the site of tragedy a year ago, when a gunman with an assault rifle killed four people: police officer Didarul Islam, Rudin associate Julia Hyman, Blackstone real estate executive Wesley LePatner and security guard Aland Etienne. The gunman then died by suicide.
Rudin hasn’t spoken publicly over the last year about any permanent changes it would make to its security protocol at 345 Park and a spokesperson last month declined to comment on any changes when asked recently by The Real Deal. The family of one victim is now suing Rudin Management over security concerns.
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