Craig Panzirer, senior vice president and director of leasing, and Issa Deas, leasing associate, represented building owner Monday Properties in-house. Silvio Petriello, senior vice president, and Brad Needleman, vice president, with CB Richard Ellis Inc. represented the tenant.
InsCap's lease is on the 21st floor of the 1.3-million-sf building, and is extending its lease for 13 years. The specialty finance firm has been a tenant at 230 Park Ave. for the past six years. Panzirer tells GlobeSt.com that the lease was an early renewal.
Although Panzirer could not disclose asking or taking rent, he did tell GlobeSt.com that the aggregate lease value is approximately $24.5 million. The building is currently 92% occupied.
Panzirer says that "our long-term commitment to enhancing and maintaining this iconic building, coupled with its position on top of Grand Central Terminal, continues to make 230 Park Ave. the ideal location for InsCap." A $50 million restoration and modernization plan is nearing completion at 230 Park Ave. Restoration projects include refinishing of the exterior limestone, restoration of the cupola, upgrading of the pedestrian arcades, restoration of the storefronts to a dark bronze finish and the complete refurbishment of the lobby and common corridors. Other tenants in the building include ING Baring Furman Selz, Tokio Marine Fire & Insurance Co., Otterberg Steindler et al, and Marquis Jet, among others.
Monday Properties owns and/or manages approximately four million sf in Manhattan and four million sf in the Washington, DC area. The portfolio's other signature properties include 1000 Wilson Blvd. and 1100 Wilson Blvd. in Rosslyn, VA, and 237 Park Ave. and 1440 Broadway in New York City.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
