[ad_1]
This private equity firm has an affinity for Park Avenue.
Affinius Capital is relocating its New York City offices from 350 Park Avenue several blocks south to 277 Park Avenue, Commercial Observer has learned.
The tenant agreed to a 12-year lease for 24,394 square feet on the entire 39th floor of The Stahl Organization’s 277 Park, which just underwent a $120 million renovation. Asking rent was $115 per square foot, according to a source with knowledge of the deal
Affinius — which provides debt to commercial real estate projects — was previously known as Square Mile Capital and rebranded earlier this year after USAA Real Estate acquired Square Mile.
It’s unclear what is happening with Affinius’s current office space at 350 Park. Vornado Realty Trust is redeveloping the building into a commercial property that will span 1.7 million square feet with designs by Foster + Partners.
Mark Boisi and Bryan Boisi of Cushman & Wakefield (CWK) negotiated on behalf of the landlord while Peter Shimkin and David Falk of Newmark (NMRK) represented the tenant. Both Newmark and C&W declined to comment.
277 Park was built by Emery Roth & Sons in the early 1960s. And Affinius isn’t the first company to leave 350 Park for the building. In October 2022, M&T Bank left 350 Park and took 93,000 square feet on the 24th through 27th floors.
About the same time, Intermediate Capital Group signed a 40,000-square-foot lease at 277 Park while National Australia Bank took 24,000 square feet.
Mark Hallum can be reached at mhallum@commercialobserver.com.
[ad_2]
Source link
