Boston Properties has owned 399 Park Ave. in New York City since 2002.
NEW YORK CITY—Office property asset management firm Millennium Management has decided to relocate from a former troubled Kushner Companies' tower to more than 300,000 square feet of space at Boston Properties' 399 Park Ave. tower building here.
Millennium will relocate from its current New York City office at 666 Fifth Ave. where the firm reportedly occupies approximately 170,000 square feet of space. The New York Post reported earlier this year that Millennium was looking to move from 666 Fifth Ave. as the Kushner firm was looking to wrestle itself from significant debt on the office tower. Brookfield Asset Management provided the lifeline to Kushner in August 2018 when it purchased a 99-year, 100% leasehold interest in the 1.5-million square-foot Midtown Manhattan office building. The New York Times reported Brookfield paid approximately $1.1 billion in upfront rent to pay lenders substantially less than what was owed on the building.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
