InBev Opens Tap on Park Avenue

NEW YORK CIY-AB InBev, the brewery giant created when Anheuser-Busch and Belgian-based InBev merged last year, has planted its flag on Park Avenue. The company’s New York City offices will be housed in 31,557 square feet on the second floor of 250 Park Ave., it was announced Wednesday by Colliers ABR, which brokered the transaction.

Financial terms of the 10-year lease were not disclosed; asking rents at the 20-story, 464,000-square-foot office tower are $90 per square foot. The property, which was built in the 1920s, is owned by AEW Capital Management on behalf of one of its institutional clients.

David L. Hoffman Jr., executive managing director/principal at Colliers ABR, says in a release that AB InBev was drawn to 250 Park by “the building’s location within the Midtown business community, proximity to public transportation, financially stable ownership and also the property’s ongoing major capital improvement projects including brand new base and supplemental air-conditioning systems. This lease is also important for New York City real estate because it’s been too long since we’ve heard the words ‘positive absorption’ in Midtown.”