NEW YORK CITY—RXR Realty and Walton Street Capital have inked a new 10-year lease with J. Walter Thompson to remain at 237 Park Ave. The agreement with the marketing communications firm is for 270,000 square feet, an unchanged amount from its previous lease.

The tenant was represented by CBRE's Mary Ann Tighe, Gregory Tosko, Lauren Crowley and Brendan Herlihy. RXR handled the transaction on behalf of ownership. RXR was represnted the legal team of Meyer Last, real estate partner, and real estate associate Alexander Sutherland of the firm Fried Frank. J. Walter was an original tenant of the building when it opened in 1979. The firm is owned by WPP.

Located between 45th and 46th Streets, 237 Park Ave. sits steps away from Grand Central Terminal. The 21-story building—encompassing approximately one and a quarter million square feet of Class A office space—was acquired in 2013 by RXR and Walton Street. 

The new lease comes as RXR is close to completing a $50 million renovation to the building.  The work includes newly constructed entrances on 45th and 46th Streets, enhanced visibility on Park Avenue, a new lobby and redesigned atrium,  enhanced retail throughout the first two levels of the building; and a completely re-imagined plaza on Depew Place (between 237 and 230 Park Ave., which RXR also owns) with new restaurants and outdoor seating.

“We are very excited that J Walter Thompson is remaining an important anchor tenant in our newly redeveloped asset,” says William Elder, EVP and managing director, NYC for RXR Realty.  “In an era where creative firms require inspiring office solutions to attract talent and generate revenue, we are extremely pleased that they found our renovations and ownership values consistent with the future of their headquarters requirement and core values.”