NEW YORK CITY—Already considered a trophy property, 399 Park Ave. is set for a "comprehensive" makeover courtesy of Boston Properties Inc., which has owned the 1.7-million-square-foot office tower since 2002. The office REIT has hired Gensler as the design architect slated for the redevelopment and repositioning.
"This building was the epitome of modernist design developed for a major corporate user, which is why it continues to be a class-A asset," says John Power, SVP and regional manager of BXP's New York Office. "But Boston Properties has a longstanding commitment to improving the signature properties in its portfolio and this is an opportunity to enrich a remarkable building for decades to come."
Built in 1961, 399 Park is the corporate headquarters of Citigroup; however, the financial services giant's lease is due to expire in 2017 as it shifts its offices Downtown to 388 and 390 Greenwich St., which it sold to SL Green Realty Corp. in 2007.
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Paul Bubny
Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.
