News
SPONSOR SPOTLIGHT: Monday Properties
February 16, 2011
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| Monday Properties CEO Anthony Westreich and leasing directorJordan Berger may be basking in the glow of its new BOMA NY Operating Office Building award for 230 Park Avenue, but it’s not the only success the real estate investment firm has experienced lately. It’s seen a particular jump in leasing at all of its Manhattan properties, including Novartis’ 22k SF and Simon Property Group’s 12k SF leases at 230 Park, which leaves the tower portion at nearly100% leased; Macy’s 56k lease expansion to 161k SF and Mizuho’s 39k SF renewal at 1440 Broadway, now fully leased; and Chase’s 12k SF lease renewal at 386 Park Ave South, which it jointly owns with Savanna. Its restacking and tenant consolidation efforts at 230 Park also led to a rare 100k SF contiguous space available in the building’s base, where a potential tenant can join prestigious, big-credit neighbors like ING, Swiss Re Capital, and Tokio Marine. |
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| After finishing a comprehensive $100M renovation at 230 Park for which the building was awarded LEED-EB Gold (the first NYC landmarked building to do so) and Energy Star certifications, Monday Properties is now focusing on the development of 1812 North Moore in Northern Virginia, which at 35 stories, will be the tallest green building in Metro DC upon its Fall 2013 completion. Anthony tells us they’re in deep negotiations with banks for a construction loan—a market that’s opening up again—and it’s very close to getting a law firm to jump across the Potomac to the 580k SF, LEED Platinum designed building. At home, the firm launched a $30M capital improvement program at 386 Park Ave South, where it is replacing windows, elevators, restrooms, and common corridors. The progressive team will begin a leasing campaign in April for five contiguous floors of 13k SF each and 65,000 SF overall. |
