280 Park Ave.
NEW YORK CITY—China International Capital Corporation has signed a 10-year lease for 20,724 square feet at Vornado and SL Green's office tower at 280 Park Ave. The asking rent was $100 per square foot.
Later this summer, the financial services company will move from its current US headquarters from another Vornado building at 350 Park Ave., between E. 51st and E. 52nd streets. The new location is close by, between E. 48th and E. 49th streets. Newmark Knight Frank's Fred Smith and Elizabeth Ughetta represented the tenant. CBRE's Mary Ann Tighe, Peter Turchin, Gregg Rothkin and Jason Pollen represented the landlord.
Founded in 1995 and headquartered in Beijing, China, CICC has been involved in China's economic reform and development and is known for its financial work in the US. In 2015, it was listed on the Hong Kong Stock Exchange. In 2017, CICC further expanded its scale and financial strength, by acquiring China Investment Securities as a wholly-owned subsidiary.
“With an eye to the future, CICC's US business is looking to deepen and broaden,” says Smith. “And 280 Park Ave. is the perfect institutional-quality building for CICC to grow its US operations.”
Built in 1961, 280 Park Ave. is a two-tower complex in Midtown Manhattan, along the Park Avenue business corridor. The East tower contains 29 floors while the West Tower has 43 floors. The owners have completed an extensive, $150 million capital improvements plan and last year closed on $1.2 billion in refinancing. Other tenants in the building include Viking Global, Blue Mountain Realty, Promontory Financial and Cohen & Steer.
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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.
