NEW YORK CITY—Traxys Group has signed a 15-year, 29,771 square-foot lease for the entire 38th floor of 299 Park Ave. With this deal, Fisher Brothers has leased nearly 150,000 square feet of space since May 2017, bringing the Midtown office tower to 85% leased. Sources close to the deal tell GlobeSt.com that the asking rent was $105 per square foot.
A physical commodity trader and merchant in the metals and natural resources sector, Traxys is headquartered in Luxembourg with over 20 offices worldwide. It will relocate its New York office from 825 Third Ave. in the second quarter of 2019.
“When selecting our new office, we set out to find a modern environment where our employees could continue to succeed in a central Midtown location. 299 Park Ave. proved to be the perfect fit, and we are thrilled to be moving our New York office to such a prestigious building,” said Mark Kristoff, Traxys CEO.
Fisher Brothers will begin a major capital improvement program at the building this year. Renovations by architect David Rockwell and the Rockwell Group will include a redesigned lobby and entrance and an illuminated plaza backed by a new exterior lighting system.
Other financial services tenants include Capital One, UBS, GE Capital, and American Securities. Recently, Fisher Brothers signed on Varagon Capital Partners for a 28,316-square-foot lease for the entire third floor, and 17Capital, which occupies 3,658 square feet of high-end, prebuilt space on the 41st floor.
“The recent lease successes are a direct result of our renovation plan, which will further solidify 299 Park's position as a premier Plaza District destination that is fully-modernized and truly reflects the prestige of Park Avenue.” says Fisher Brothers partner Ken Fisher.
Designed by Emery Roth & Sons and built by Fisher Brothers, 299 Park Avenue is a 42-story, 1.2 million square foot office tower which opened in 1967. It occupies the full block front between 48th and 49th streets. It has served as the long-time corporate headquarters for the Fisher Brothers organization.
Traxys was represented by Ken Meyerson, Adam Rabin, and Taylor Scheinman of CBRE. Fisher Brothers was represented in-house by Marc Packman and Charles Laginestra, and by Newmark Knight Franks' David Falk, Peter Shimkin, Andrew Sachs, Eric Cagner, and Andrew Peretz.
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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.
