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Deals & Dealmakers Leases

Asset managers relocating to 48,000 s/f at Boston Properties’ 399 Park Avenue

Boston Properties renovated the former CitiGroup building with a focus on tenant amenities.

JLL has completed a new transaction for Lexington Partners LP at 399 Park Avenue, which is owned by Boston Properties Inc.

Lexington Partners, one of the largest independent managers of secondary and co-investment funds, signed a lease for 48,000 s/f at the Class A, 1.7 million-square-foot office building.

The tenant was represented by Martin Horner, executive managing director; Jim Wenk, vice chairman; and Kirill Azovtsev, managing director, all with JLL.

Building owner Boston Properties was represented by Peter Turchin, vice chairman; Gregg Rothkin, executive vice president; Arkady Smolyansky, senior vice president; Evan Fiddle, first vice president; and Caroline Merck, senior associate, all with CBRE Group Inc.

“Lexington has been consistently expanding its headcount over the years,” said Wenk. “399 Park was a perfect fit to accommodate the growth of Lexington’s investment business.”

Lexington inked a 15-year lease for 48,000 s/f, and will occupy the entire 20th and 21st floors at 399 Park Avenue, which spans the full block between Park Avenue and Lexington Avenue, and between East 53rd and East 54th streets in Midtown Manhattan.

The alternative investment manager is relocating from 660 Madison
Avenue.

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