SJP Properties Inks New Midtown Manhattan Lease
The new tenant will occupy a recently renovated floor in an 18-story building.
470 Park Ave. S. Image courtesy of SJP Properties
SJP Properties has leased the seventh floor of its 290,000-square-foot office building at 470 Park Ave. S. to Creative Office Pavilion. The office furnishing firm has signed a 10-year lease for the 9,936-square-foot space. CBRE represented both parties in the deal.
Built in 1912, the 18-story building has undergone two cosmetic renovations in 2005 and 2014, according to Yardi Matrix. The owner renovated the seventh-floor last August. Creative Office Pavilion is expected to move into the new location in early 2020. The tenant roster includes Dstillery, Creditsights, Peppercomm, and Capital One.
Located in Midtown Manhattan, the transit-oriented property is half a mile from the Empire State Building and less than 1 mile from the Grand Central Terminal. A variety of dining, entertainment and hospitality options are available in its vicinity.
The team that represented the landlord included CBRE’s James Ackerson, Neil King, Dan Wilpon and SJP Properties’ Zach Freeman. CBRE’s Paul Amrich negotiated the lease on behalf of the tenant. Last December, the brokerage firm facilitated the sale of a 852,000-square-foot office building, less than 1 mile from this location.
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