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NEW YORK CITY-Locally based Monday Properties has completed a lease renewal and extension with InsCap Management LLC, totaling 22,000 sf at 230 Park Ave. in Manhattan. The 34-story building, built in 1929, is located between East 45th and East 46th streets.

Craig Panzirer, senior vice president and director of leasing, and Issa Deas, leasing associate, represented building owner Monday Properties in-house. Silvio Petriello, senior vice president, and Brad Needleman, vice president, with CB Richard Ellis Inc. represented the tenant.

InsCap’s lease is on the 21st floor of the 1.3-million-sf building, and is extending its lease for 13 years. The specialty finance firm has been a tenant at 230 Park Ave. for the past six years. Panzirer tells GlobeSt.com that the lease was an early renewal.

Although Panzirer could not disclose asking or taking rent, he did tell GlobeSt.com that the aggregate lease value is approximately $24.5 million. The building is currently 92% occupied.

Panzirer says that “our long-term commitment to enhancing and maintaining this iconic building, coupled with its position on top of Grand Central Terminal, continues to make 230 Park Ave. the ideal location for InsCap.” A $50 million restoration and modernization plan is nearing completion at 230 Park Ave. Restoration projects include refinishing of the exterior limestone, restoration of the cupola, upgrading of the pedestrian arcades, restoration of the storefronts to a dark bronze finish and the complete refurbishment of the lobby and common corridors. Other tenants in the building include ING Baring Furman Selz, Tokio Marine Fire & Insurance Co., Otterberg Steindler et al, and Marquis Jet, among others.

Monday Properties owns and/or manages approximately four million sf in Manhattan and four million sf in the Washington, DC area. The portfolio’s other signature properties include 1000 Wilson Blvd. and 1100 Wilson Blvd. in Rosslyn, VA, and 237 Park Ave. and 1440 Broadway in New York City.

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