The lease terms were not released, but according to the most recent office statistics from Newmark Knight Frank, the average asking rent in the Park Avenue area is $92.11 per sf, based on January numbers. Although an October 2006 leasing guide, the most recent one available, states the asking rent for the property is $66 per sf, a figure that is inline with the average Midtown office rent.

"Bear Stearns recognized the benefit of locating more of its operations at 237 Park Avenue as part of a long-term facilities plan," says Anthony Westreich, Monday Properties president, in a statement. "This expansion is the fruit of strategic discussions to enable short- and long-term growth that began soon after we completed the initial lease with the investment bank."

Monday Properties, the building's owner, was represented in-house by Craig Panzirer, vice president and director of New York leasing. L&L Acquisitions Corp.'s David Levinson and David Berkey represented Bear Stearns. Beacon Capital Partners also owns the property, in partnership with Monday Properties.

Located between 45th and 46th streets, 237 Park Ave. was built in 1905, with additions in the 1930s and 1981 the property grew from its original six-story height to 21 stories and more than one million sf. Also in 1981 the building underwent a complete renovation.

Other building tenants include Credit Suisse Asset Management, UBS Securities and EM Warburg Pincus. According to Monday Properties' website there is no available space left.

Monday Properties also owns a number of other Manhattan buildings including the 1.3-million-sf 230 Park Ave. and the 725,000-sf 1440 Broadway.