Boston Properties Inc., owner of 399 Park Ave., was represented by Frank Doyle, managing director, and Peter Shimkin, vice president, of Jones Lang LaSalle's New York office. The tenant was represented by Brian Waterman and Jonathan Fanuzzi of Newmark & Co. Real Estate. According to Doyle, the asking price was in the upper $60s per sf.
"399 Park Avenue has one of the most timeless lobbies in New York," adds Doyle. "In addition to the building's high-quality image, Grunfeld, Desiderio, Lebowitz, Silverman & Klestadt wanted to remain in close proximity to its previous location, preferring a Park Avenue address." Doyle says the firm was also drawn to the building by its high-profile tenant roster, featuring such companies as Citigroup, Lehman Brothers, Arnold & Porter and Bingham McCutchen LLP.
In August of 2002, Boston Properties emerged victorious from a bidding war and signed a contract to acquire 399 Park Ave. from Citibank for $1.06 billion. Boston Properties other Manhattan properties include Citigroup Center, 599 Lexington Ave., 280 Park Ave., 875 Third Ave. and Five Times Square.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
