Fisher Brothers Inks Long-Term Park Avenue Lease

By Corina Stef

299 Park Ave.

Fisher Brothers has completed a 29,754-square-foot, 12-year lease with One William Street Capital Management at 299 Park Ave., one of its iconic Manhattan office towers. The tenant will occupy the entire 25^th floor and will relocate from 1290 Avenue of the Americas in the spring of 2019.  

The owner constructed the building over the primary rail tracks for Metro-North Railroad’s New Haven Line in 1967, while Emery Roth & Sons provided the design work. The LEED Gold-certified property encompasses 1.2 million square feet across 42 stories and is set to undergo a capital improvement program conducted by David Rockwell and the Rockwell Group. The renovations will result in a refurbished lobby, reimagined entrance and an exterior lighting system-lit plaza.

Improvements attract tenants

Following the announcement of the renovations plans, the landlord signed new leases and renewals for a total of 230,000 square feet in the past year only. GoldPoint Partners, Traxys, B. Riley and Varagon Capital Partners are the most recent tenants to ink full-floor leases. Additionally, the asset formerly known as the Westvaco Building houses several well-established financial tenants such as Capital One, UBS, Carlyle and American Securities. The owner’s long-time corporate offices take up the top two floors.

Located in the borough’s Plaza District, the building is in the vicinity of accommodation options, banks, fine eateries and landmarks such as Waldorf Astoria and MetLife Building. Grand Central Terminal and multiple bus stations are located within walking distance.

CBRE’s Scott Gottlieb, Andrew Sussman and Benjamin Friedland represented the tenant. Fisher Brothers’ Marc Packman and Charles Laginestra, alongside Newmark Knight Frank’s David Falk, Peter Shimkin, Andrew Sachs, Eric Cagner and Andrew Peretz acted on behalf of the landlord. The same NKF team recently brokered a headquarters lease in the area. 

Image courtesy of Yardi Matrix