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.
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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.
