TF Cornerstone Inks Long-Term Renewal in Manhattan
The deal occurred when the building reached full occupancy.
TF Cornerstone has signed a 21,000-square-foot, 10-year extension and renewal with Criteo at 387 Park Ave. S. in Manhattan’s Flatiron District. Cushman & Wakefield worked on behalf of the landlord.
The commerce media company has been a tenant at the 232,000-square-foot office building since 2015, CommercialEdge data shows. Criteo occupies the top floor and the penthouse of the property, using this space as its North American headquarters. The renewed commitment occurred when the 13-story property reaching full occupancy.
Other tenants at 387 Park Ave. S. includes eRealty Advisors, The Corcoran Group, Optimus Marketing Inc., Coachieve and Third Republic, according to the same source. Last month, The Malin opened its new flex office location at the property, with a 20,000-square-foot commitment on the fifth floor. Additionally, the landlord has also expanded its own footprint here with an additional 7,000 square feet of space, now occupying a total of 59,000 square feet.
TF Cornerstone’s ownership of 387 Park Ave. S.
TF Cornerstone picked up the property in 2005 for nearly $68 million, according to CommercialEdge, later becoming subject to a $100 million loan held by Equitable Insurance Co., with a maturity date set for 2030. The 1910-built office mid-rise features 19,372-square-foot floorplates, 14,899 square feet of first-floor retail space, six passenger elevators and an on-site conference center.
The company renovated 387 Park Ave. S. between 2015 and 2017, with a more than $20 million investment. The property now includes an upgraded lobby, a glass façade on the lower three floors, new elevators and a roof deck amenity space wit a 1,700-square-foot conference room.
Situated between Union Square and Grand Central Terminal, 387 Park Ave. S. is 4 miles from the Upper West Side, 5 miles from the Financial District and within 18 miles of John F. Kennedy International Airport.
The landlord was represented by Chairman of Global Brokerage Bruce Mosler, Managing Director John Fitzsimons and Executive Vice Chairmen Ethan Silverstein and Mark Mandell with Cushman & Wakefield.
Notable deals in pricy Manhattan
As of September, Manhattan’s office vacancy reached 16.8 percent, marking a 90-basis-point year-over-year drop, while also being below the national rate 19.5 percent, a recent office market update shows. The borough remains the priciest market for office leasing, with asking rents averaging $67.93 per square foot, more than double the national listing rate of $32.89 per square foot.
Recent deals in the metro include SL Green Realty Corp.’s 72,515-square-foot lease at 245 Park Ave. Cushman & Wakefield represented the landlord in the 10-year lease signing with tenant Verition Group NY Inc.
Another significant commitment was a 53,779-square-foot expansion at the Empire State Building. Savills represented the tenant, law firm Hecker Fink LLP, that expanded its footprint at the 102-story skyscraper.
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