NEW YORK CITY—The National Bank of Kuwait has signed a 10-year lease renewal at 299 Park Ave., Fisher Brothers' 42-story Midtown Manhattan office building. Kuwait's leading financial institution will continue to occupy 18,688 square feet on the 17th floor. A source with knowledge of the transaction tells GlobeSt.com the asking rent is $95 per square foot.
In total, Fisher Brothers has now leased approximately 200,000 square feet at 299 Park Ave. since May 2017, bringing the building to over 90% leased. The building's leasing activity includes a 29,771-square-foot lease with Traxys, a 28,316-square-foot lease with Varagon Capital Partners, and most recently a 29,173-square-foot lease with B. Riley, which joins the tower's financial services tenants, Capital One, UBS, Carlyle and American Securities.
“We are pleased to continue our relationship with National Bank of Kuwait, a valued tenant for nearly 25 years,” says Fisher Brothers partner Ken Fisher.
Fisher Brothers' capital improvement program at 299 Park Ave. is scheduled to begin later this year. The renovations, designed by David Rockwell and the Rockwell Group, will upgrade the lobby and plaza. Designed by Emery Roth & Sons and built by Fisher Brothers, the 1.2 million square-foot office tower at 299 Park Ave., located between E. 48th and E. 49th streets, originally opened in 1967.
In this transaction, the National Bank of Kuwait was represented internally. Fisher Brothers was represented in-house by Marc Packman and Charles P. Laginestra.
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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.
