299 Park Ave./ Image credit: Brett Beyer
NEW YORK CITY—Fisher Brothers signed a deal to extend the consulate general of Japan in New York's lease at 299 Park Ave. until 2036. The diplomats will continue to occupy the entire 18th and 19th floors totaling 58,244 square feet.
Although addition terms were not disclosed, a source with knowledge of the deal tells GlobeSt.com the asking rent is in the mid-$90s per square foot.
The office provides protection and consular services for Japanese nationals, promotes trade and investment with Japan and encourages cultural exchange with the US. Its jurisdiction includes NY, NJ, PA, WV, DE, CT, Puerto Rico and the US Virgin Islands.
Fisher Brothers will embark upon a major capital improvement program at the property in the coming weeks. Designed by David Rockwell and the Rockwell Group, the renovations will create a new lobby with a high-end design and more open feel; an entrance that will allow natural light in the lobby; and a new exterior lighting system for the plaza.
Ken Fisher, a partner at Fisher Brothers, says as hands-on owners, the company is modernizing the space with thoughtful design and heightened service for the tenants.
“As a valued tenant for nearly four decades, the Consulate General of Japan has experienced this first-hand, and we view this long-term extension with the organization as a validation of our efforts,” he says.
Opening in 1967, the 1.2 million square-foot office tower was designed by Emery Roth & Sons and built by Fisher Brothers. Now it is certified LEED Gold. It serves as the long-time corporate headquarters for its owners, the Fisher Brothers organization.
Since announcing the renovations, Fisher Brothers has secured approximately 316,000 square feet of new leases and renewals at the office tower. Financial firms One William Street Capital, GoldPoint Partners, Traxys, B. Riley and Varagon Capital Partners occupy full floor leases. In addition, Fisher Brothers has recently announced the signing of a new full floor lease with Bardin Hill Investment Partners. Capital One, UBS, National Bank of Kuwait, Carlyle and American Securities are also building tenants.
The Consulate General of Japan was represented by Stuart Eisenkraft, Robert Stillman, John Maher and Ariel Ball of CBRE. Marc S. Packman and Charles P. Laginestra provided in-house representation for the owners.
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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.
