Search
 

BXP to Reposition 399 Park

NEW YORK CITY—Boston Properties has owned 399 Park since 2002, when the office REIT paid about $1.1 billion to acquire it from Citigroup.

By Paul Bubny | Updated on January 08, 2016

NEW YORK CITY—Already considered a trophy property, 399 Park Ave. is set for a “comprehensive” makeover courtesy of Boston Properties Inc., which has owned the 1.7-million-square-foot office tower since 2002. The office REIT has hired Gensler as the design architect slated for the redevelopment and repositioning.

“This building was the epitome of modernist design developed for a major corporate user, which is why it continues to be a class-A asset,” says John Power, SVP and regional manager of BXP’s New York Office. “But Boston Properties has a longstanding commitment to improving the signature properties in its portfolio and this is an opportunity to enrich a remarkable building for decades to come.”

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 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.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.