NEW YORK CITY-The 11th and 12th floors of 280 Park Ave., currently in the midst of a $125-million repositioning program by partners SL Green Realty Corp. and Vornado Realty Trust, are now spoken for. The two office REITs announced that asset management firm Blue Mountain Capital and consulting firm Promontory Financial Group LLC each have taken a floor of 49,541 square feet at the 43-story tower.
Both tenants are relocating from smaller, temporary spaces within the 1.2-million-square-foot 280 Park, in which SL Green and Vornado took a controlling stake two years ago. Blue Mountain had been in 22,250 square feet on the fifth floor, while Promontory's short-term lease accounted for 19,495 square feet on the 40th floor.
The deals follow Cohen & Steers' recent early renewal of 87,677 square feet at 280 Park and Viking Global Investors' renewal and expansion into 40,399 square feet. The capital plan now under way includes a new lobby spanning the entire block front between 48th and 49th streets; a new center block interior courtyard with reflecting pool; a new glass curtain wall connecting the eastern and western sides of the base floors, a redesigned plaza; and improvements to building infrastructure and energy efficiency.
Brad Siderow of Siderow Organization acted on behalf of Blue Mountain; there was no tenant broker seaking for Promontory. In both deals, SL Green and Vornado were represented by CBRE's tri-state CEO, Mary Ann Tighe, and EVP Peter Turchin.
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