New Developments at 2 Park Avenue
A prewar property spanning 1.2 million square feet has been leased since Hudson Realty acquired 2 Park Avenue from Morgan Stanley for $360 million last year. This purchase was actually 31% below what Morgan Stanley paid in 2007.
The recently inked agreement leaves the 165,000+ square foot building with an impressive 90% occupancy rate, with asking rents between $95 and $115 per square foot.
This stunning Art Deco structure, located between East 32nd and East 33rd Streets, houses various tenants, including Cadent, an AI-based predictive advertising firm that occupies 50,017 square feet. Additionally, Charlie Health, which provides advanced virtual behavioral health care, has leased 28,424 square feet, while Oxford Economics, an advisory firm, is taking up 10,233 square feet.
Other notable tenants include the law firm Herrick Feinstein and the infrastructure consultant AECOM, who also lease significant spaces within the building.
Recently, CUNY signed a contract to add 21,621 square feet for business activities. The landlord’s representation in these transactions came from JLL’s team, including Mitchell Konsker, Cynthia Wasserberger, Kristen Morgan, and Michael Halas, along with Franco Rauseo of Haddad Brands, Hudson Realty’s parent company. JLL has held the lease for about 14 months now.
Major tenants of 2 Park Avenue include Haddad Brands itself, which occupies 250,000 square feet. Richard Haddad, the firm’s principal, expressed strong confidence in the building’s future, stating, “We are so confident in the future of the building that we have decided to make it our home. We look forward to welcoming new tenants who will help us write the next chapter of this iconic address.”
Hudson has invested $50 million into capital improvements, which have transformed the lobby, conference center, and created an upgraded amenity suite complete with a wraparound terrace.
On a side note regarding JLL, the company recently honored Vice Chairman Paul Glickman and Mitch Konsker with the National MVP Agency Leasing Award. They’ve been recognized for re-leasing over 200,000 square feet at 51 Astor Place.
“Paul and Mitch represent the best of JLL,” remarked Peter Regardi, chairman of JLL Tri-State.
Meanwhile, the recently completed 500 Park Avenue in SL Green has reached full occupancy, with investment firm Kohlberg LLC signing a lease for 18,820 square feet, covering the entire ninth floor.
Stephen Durrells, the leasing director at SL Green, noted that the building’s combination of location, unique architectural features, and ongoing transformation drew the company in.
For this deal, Paul Glickman and Kristen Morgan of JLL represented Kohlberg, while JLL’s Frank Doyle, Cynthia Wasserberger, and Michael Paras represented the landlord.
