Lease terms were not disclosed. However, Mariyon Robertson, vice chairman/principal at Colliers ABR, says in a release that "the option of staying in this location was especially important to the consulate and the change in the market for the past several months led to a favorable result for them." Asking rents at the 1.2-million-square-foot property, located at the corner of 49th Street and Park Avenue, range from $60 to $125 per square foot.
The Consulate General of Japan in New York is one of 16 Japanese consulates in the US. It serves Fairfield County in Connecticut, Delaware, Pennsylvania, Maryland, New Jersey, West Virginia, New York, Puerto Rico and the US Virgin Islands.
Robertson and Junji Miyake, senior associate at Colliers ABR, represented the tenant in the transaction. The ownership of the building, Fisher-Park Lane Owner LLC, was represented by Fisher Brothers. The building at 299 Park is owned by a partnership of Fisher Brothers and UBS, the latter of which is reportedly looking to sell its stake in the building.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
