Affinius Capital — formerly known as Square Mile Capital — has signed a deal to move its New York operations to 277 Park Ave. The company — which provides debt to commercial real estate projects — is currently located at 350 Park Ave., only a few blocks south of its new premises.
The 12-year lease agreement is for 24,394 square feet of office space on the entire 39th floor of the building, which is currently owned by The Stahl Organization. Asking rent was $115 per square foot.
Mark Boisi and Bryan Boisi of Cushman & Wakefield represented the landlord, while Peter Shimkin and David Falk of Newmark negotiated on behalf of the tenant.
Located between East 47th and 48th streets, 277 Park was originally built by Emery Roth & Sons in the early 1960s as the home of Chemical Bank. The 1.27-million-square-foot building recently underwent a massive, $120 million renovation in an effort to position itself as an attractive destination for top tenants. Improvements include a redesigned Lexington Avenue lobby; a new entrance and a Park Avenue lobby with a 30-foot ceiling; a high-end tenants’ fitness center on the ground floor; and new restaurants from renowned chef David Burke.
The property’s tenant roster includes the likes of M&T Bank (which also relocated from 350 Park Ave. to occupy the 24th through 27th floors at 277 Park Ave.); Intermediate Capital Group; National Australia Bank; VISA; and Chase.
Affinus has not yet disclosed its plans for the office space it still holds at 350 Park Ave. However, Vornado Realty Trust is working with designer firm Foster + Partners to redevelop the building into a 1.7-million-square-foot commercial property.
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