Under the 10-year lease renewal, the company will occupy four and a half floors. Space in the site is advertised for $62 per sf. Other tenants include Revlon, Credit Suisse Asset Management and EM Warburg Pincus & Co.
Monday Properties was represented in-house. Cushman & Wakefield vice chairman Donald A. DiRenzo Sr. and executive director Jeff S. Cohen represented JWT. Ross Z. Silver of Fried, Frank, Harris, Shriver & Jacobsen represented the owner, while Mark E. Maltz of Davis & Gilbert represented the tenant.
Monday's predecessor, Max Capital Management Corp. completed the $455 million acquisition of 237 Park Ave in October of 2003. Formerly a managing principal in the property, Max Capital assumed full ownership of 21-story office tower located on the full block front between East 45th and East 46th Streets in Midtown. Max Capital purchased the property from Oak Hill Strategic Partners LP an entity associated with Robert M. Bass and his team of investment professionals.
"J. Walter Thompson is an integral part of the history of 237 Park Avenue and we are delighted that the company will continue to distinguish this as a top-quality building for top-quality tenants," says Anthony Westreich, Monday's president and CEO.
JWT employs 8,500 people in 150 cities in 86 countries worldwide. The company, which was established in 1864, is the world's oldest advertising agency brand. Yesterday, the agency re-launched itself as a "billion-dollar startup" with events around the world designed to reflect the cultures and customers of the firm's 300-plus offices in 87 countries.
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