Pitchbook Grows at 315 Park Ave. South, Now 99% Leased
Columbia Property Trust fully renovates its building in Midtown South, a district now commanding the highest rents in the country.
NEW YORK CITY—Pitchbook, a research company which provides data covering the private capital markets, including venture capital, private equity and M&A transactions, has leased an additional 17,050 square feet at 315 Park Avenue South. This brings its total footprint in the office tower to 51,150 square feet. The firm now fully occupies the 13th, 14th and 15th floors. The building owner, Columbia Property Trust, declined to provide information on rent and length of the lease. But an industry source tells GlobeSt.com that asking rents in the building range from the low $90s to over $100 per square foot.
L&L Holding Company’s David Berkey and Andrew Wiener represented the landlord. Sam Spillane and Michael Liss of CBRE acted on behalf of the tenant.
With this deal, the building is 99% leased.
In January 2015, Columbia acquired the 21-floor, 333,000 square-foot office building that was constructed in 1910 for $368 million. The seller was Spear Street Capital. This data was recorded in Real Capital Analytics. At the time, the building’s first major tenant Credit Suisse, was in the process of vacating, while consolidating into its new headquarters at 23 Madison Ave.
Subsequently Columbia repositioned 315 Park Avenue So. with a lobby renovation, elevator modernizations and mechanical upgrades. The real estate firm is currently restoring the building’s façade, which is scheduled to be completed by early spring. L&L and their leasing team were brought in early in the redevelopment and leasing efforts.
With the building renovations, Columbia marketed the offices to high-profile tech, media and investment companies. Other new tenants include investment management firm Winton Capital, digital media publisher BDG Media, the digital content producer Fullscreen, and the cryptocurrency exchange launched by the Winklevoss twins, Gemini Trust. Additionally, a 45,000 square-foot Equinox gym is in the building.
“When we purchased 315 Park Avenue South four years ago, we saw the opportunity to capture creative and discerning tenants migrating to Midtown South, one of the most desirable submarkets in Manhattan,” says Nelson Mills, Columbia’s CEO. “With all of that availability now leased at long-term attractive rates, 315 Park Avenue South has proven its ability to attract and retain discriminating, high-profile tenants.”
Cushman & Wakefield’s recent Manhattan office market report states Midtown South now has the highest office rents in the country.
Columbia is in advanced negotiations with a prospective tenant for a 3,500 square-foot retail suite at the corner of 24th St. and Park Avenue South. In February, Columbia will complete the building’s retail mix when it opens a marketing suite for 799 Broadway, a ground-up, 182,000 square-foot office development venture with Normandy Real Estate Partners, set to deliver in the summer of 2020.
315 Park Avenue South is one of seven buildings in Columbia’s Manhattan portfolio. In addition to the 799 Broadway development project, it also includes 114 Fifth Ave., 149 Madison Ave., 218 W. 18th St., 229 W. 43rd St. and 249 W. 17th St.