SL Green and Vornado’s 280 Park Avenue Joint Project Strikes Gold
SL Green and Vornado—two of New York's biggest landlords—have joined forces to make the $150M renovation of 280 Park Ave (pictured) a very lucrative reality, announcing the expansion of a number of lease extensions. The two REITs, who JV'ed on the 1.2M SF, 43-story property in 2011, signed an eight-year, 22k SF lease with Medley Capital while expanding the leases of Paul Taubman’s PJT Partners (from 50k to 150k SF) and private equity firm Harvest Partners (38k SF, doubling the original lease). These firms will join mutual fund ace Franklin Templeton, which signed a 15-year, 126k SF earlier this year, and Singaporean government-owned fund manager GIC, which recently signed a 50k SF lease. The Four Seasons Restaurant could be the next to 280 Park. With the building almost fully leased, it’s clear that the renovation—including renovations of the lobby, new elevators and upgrading systems—was a success. [TRD]
