Boston Properties Inc., one of the largest publicly-traded developers, owners and managers of Class A office properties in the US, recently signed two additional long-term leases totaling 250,000 square feet at its 399 Park Ave. property, located in midtown New York City.
The two new leases have an average lease term of more than 15 years and include an existing tenant that has extended and expanded its current lease, and a lease with a new tenant that absorbs near-term expiring space. These two leases follow Boston Properties’ recently-announced 300,000 square foot lease with a leading investment management firm, bringing total recent leasing at 399 Park Avenue to more than 550,000 square feet. 399 Park Avenue is now 93% leased.
“This strong leasing activity underscores the value of 399 Park Avenue as a premier Class A office property located in one of the most desirable locations in New York City. The new tenants at 399 Park Avenue are part of a growing roster of clients that seek exceptional workspaces in the east side of midtown Manhattan to support their growing workforces,” said John Powers, Executive Vice President, New York Region, Boston Properties.