NEW YORK CITY—Columbia Property Trust is leasing two full floors, 34,100 square feet of office space for 11 years and four months at 315 Park Ave. So. to PitchBook Data, Inc., a subsidiary of Morningstar, Inc. A source close to the transaction says the asking rent was $92 per square foot.
In 2015, Columbia bought the 20-story, 334,000 square-foot office building, located at Park Avenue South and the corner of 24th Street in the heart of Midtown South, for $368 million, according to Real Capital Analytics. Originally constructed in 1910, the building is now 84% leased.
Relocating in May from their current office at 155 Fifth Ave., a building originally constructed in 1900, PitchBook will fully occupy the 13th and 14th floors in their new building location. A property-wide renovation to reposition the Park Avenue South property is underway and near completion.
“PitchBook is a great fit for the repositioned 315 Park Ave. So., a building that continues to prove its ability to serve a broad spectrum of growing tenants from creative, media and technology companies to forward-leaning investment firms,” says Nelson Mills, president and CEO of Columbia.
PitchBook provides financial market investment data on venture capital, private equity and M&A, including public and private companies, investors' funds, investments, exits and people.
“The epicenter of the US financial industry, New York is a key market for PitchBook to continue building and expanding our presence,” says John Gabbert, founder and CEO of PitchBook. “In 2017, PitchBook's global headcount grew by 20% and nearly 50% in the New York office, which served as a forcing function to expand our office spaces globally.”
In Sept. 2017, Columbia finalized a 17,050 square-foot, full floor expansion of its tenant BDG Media, increasing the digital media publisher's footprint in the building to 51,150 square feet. In Oct. 2017, Columbia leased two floors, 34,100 square feet, to Gemini Trust, a digital asset exchange and custodian, founded by the twins, Cameron and Tyler Winklevoss. Gemini allows businesses and investors to buy, sell and store digital assets such as bitcoin and ether.
With the signing of PitchBook, Columbia has successfully leased five full floors at the Park Avenue South, totaling 85,250 square feet of space over the past four months. L&L Holding Company LLC, including the leasing team of David Berkey and Andrew Wiener, provides leasing and property management for the building.
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.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
