With the recent signing of a full-floor lease, Columbia Property Trust Inc. has now leased all available office space at 315 Park Avenue South, a 20-story, 331,000-square-foot office building in Manhattan’s Midtown South district, bringing the building to 99 percent leased overall. Following a full building renovation, Columbia has created an ecosystem of high-profile tech, media and investment companies at the building while achieving some of the highest rents on Park Avenue South.
Just before the close of last year, independent research firm PitchBook, the premier data provider for the private and public equity markets, secured the last remaining office floor at 315 Park Avenue South, giving the firm a total of three full floors and bringing the property to 99 percent leased. Other new tenants include global investment management firm Winton Capital, digital media publisher BDG Media, digital asset exchange and custodian Gemini Trust, and digital content producer Fullscreen. 315 Park Avenue South also now boasts a full-service, 45,000-square-foot Equinox gym.
When Columbia acquired the building in 2015, its major tenant at the time, Credit Suisse, was in the process of vacating in connection with a consolidation into its nearby headquarters. Since that time, Columbia has fully repositioned 315 Park Avenue South with a lobby renovation, elevator modernizations and mechanical upgrades to create a modern, boutique office designed for discerning creative tenants. A façade restoration is also underway that will wrap up by early spring. L&L Holding Company and their leasing team of David Berkey and Andrew Wiener were engaged early on and were instrumental in the redevelopment and leasing of the property.
“When we purchased 315 Park Avenue South four years ago, we saw the opportunity to capture creative and discerning tenants migrating to Midtown South, one of the most desirable submarkets in Manhattan,” said Nelson Mills, Columbia’s chief executive officer. “With all of that availability now leased at long-term attractive rates, 315 Park Avenue South has proven its ability to attract and retain discriminating, high-profile tenants.”
The property also includes a 3,500-square-foot retail suite at the corner of 24th Street and Park Avenue South, for which Columbia is in advanced negotiations with a prospective tenant. In February, Columbia will complete the building’s retail mix when it opens a marketing suite for 799 Broadway, a ground-up, 182,000-square-foot office development venture with Normandy Real Estate Partners, set to deliver in the summer of 2020.
315 Park Avenue South is one of seven buildings in Columbia’s Manhattan portfolio, which, in addition to the 799 Broadway development project, also includes 114 Fifth Avenue, 149 Madison Avenue, 218 West 18th Street, 229 West 43rd Street, and 249 West 17th Street.