Park Avenue’s rental boom shows no signs of slowing.
In the latest big deal, Tradeweb Markets signed for two floors, 76,000 square feet at 245 Park in SL Green. The company, which operates an electronic platform for interest rates, credit, equity and financial markets, is relocating from 1177 Sixth Avenue in Silverstein.
Asking rents at 245 Park are $145 per square foot and the space is 87 percent leased.
Stonepeak Partners and Swedish private equity firm EQT Partners also recently joined the tenant list.
The tower is undergoing an extensive redevelopment overseen by design firm KPF, which will include a terra-cotta façade, new windows and lobby, a 17,000-square-foot wellness center and a 10,000-square-foot restaurant.
Commercial leasing booms
Multiple commercial real estate brokerages reported healthy leasing momentum in the second quarter, with the most detailed and optimistic coming from CBRE, which sees activity up 35% compared to the same period in 2023.
Overall Manhattan leasing was 6.13 million square feet, 19% above the five-year monthly average of 5.15 million square feet.
Midtown’s recovery marks the third consecutive quarter that rents have exceeded the five-year quarterly average and the first time this has happened since 2018.
Midtown South had a strong quarter, with sublease availability dropping to its lowest level since August 2020.
But downtown took another hit: Transactions of just 589,000 square feet were well below the five-year average and down from the same time last year.
According to a separate JLL report, law firm Covington & Burlington’s 235,000-square-foot move from the New York Times Building to 30 Hudson Yards was the largest single lease signed in June.
According to JLL, relocations accounted for about 60% of lease signings in June.
