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.
Among other upgrades, the 40-story tower's exterior façade will will be re-clad with metal panels, replacing its current limestone. In a move to enhance the property's curbside appeal, a new canopy will be installed at the Park Avenue entrance that will include new ceiling, lighting, pavers, revolving doors and enhanced glass storefront façades.
BXP also plans to install amenities such as the "Oasis in the Sky," featuring a glass cube on the 13th-floor setback surrounded by a wraparound terrace and outdoor space, including a "green" roof on the Lexington Avenue and 53rd Street sides of the building. The column-free interior of the cube will have 13-foot ceilings to increase space utilization options for a prospective tenant.
The REIT paid $1.06 billion to acquire 399 Park from Citigroup in September '02. Its tenant roster includes Arnold & Porter, First Manhattan, Eton Park, PineBridge Investments, C.V. Starr, Morgan Stanley, Moelis & Co., Savills Studley and Avenue Capital.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
