Boston Properties' Park Avenue South building lands publishing house HQ

Boston Properties has signed a new tenant to 360 Park Ave. South, a handsome but mostly vacant building whose co-owner sold its stake back to the developer earlier this year for $1.Ziff Davis agreed to relocate to corporate headquarters from 114 Fifth Ave. to the 20-story building at East 26th Street. The publishing house leased 23,000 square feet on the 17th floor, where the asking rent was $110 per square foot, according to broker CBRE.The signing of Ziff Davis means the building is 25% leased, CBRE said. Investment firm Iconiq Capital agreed earlier this year to lease 70,000 square feet on the 18th and 19th floors at a starting rent of $103 per square foot, according to CoStar. Tenants are expected to move in this summer now that Boston Properties has wrapped up $100 million worth of renovations, with new lobbies, a roof deck, and a planned 7,000 square-foot restaurant from James Kent, a Michelin-starred chef who died suddenly this week at age 45.Boston Properties expects 360 Park Ave. South’s fortunes will stabilize by late next year. But one investor, the Canada Pension Plan Investment Board, decided it couldn’t wait and early this year sold back its 29% stake for a dollar after putting $71 million into the building. By exiting, the pension fund avoided another $46 million in future funding obligations and saved $5 million in annual interest payments.Those payments could rise because the building’s $220 million mortgage, carrying a 7.8% interest rate, comes due in... Continue reading at 'Crains New York'

[ Crains New York | 2024-06-18 16:59:09 UTC ]
News tagged with: #assumed debt #fund declined #$300 million #older buildings #park avenue #southern half #newer space #renovation work #high quality #common areas #ve put #hilary spann #york region #conference call #feel encouraged #publishing house

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