NEW YORK CITY-Monday Properties and Invesco, owners of 230 Park Ave., announced Wednesday that the building's partnership has signed a new, 10-year lease with Clarion Partners for the entire 12th floor at 230 Park Ave., which spans 71,000 square feet. Asking rent was in the mid-$60s.
Also known as the Helmsley Building, 230 Park is a landmarked structure that was built in 1929. It is the first pre-war office building to receive LEED-EB Gold certification.
Clarion Partners is a long-term building tenant that was acquired from ING in 2011 by Clarion Partners' management in partnership with Lightyear Capital, LLC. The new lease begins in May 2014. The owners are calling this a new lease, rather than a renewal, because Clarion was an ING sub-tenant and has now signed a direct lease, according to a Monday Properties spokesman.
Clarion was represented by Mark Ravesloot, vice chairman, and William Iacovelli, EVP, of CBRE in the transaction. Jordan Berger, leasing director of Monday Properties and Frank Doyle, vice chairman of Jones Lang LaSalle, represented the building owner.
Clarion Partners, a real estate investment manager, has $25.6 billion in total assets under management on behalf of 200 institutional investors.
Monday recapitalized the building in 2011 with Invesco after first purchasing it in 2007 from Goldman Sachs. Goldman bought the asset for over $1 billion from Istithmar, an investment firm owned by the royal family of Dubai, who paid $705 million for the structure in 2006.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
