Monday Properties and Invesco, owners of 230 Park Avenue, announced that Cornell University has signed a direct, 10-year lease extension for 9,411 s/f of office space on the 15th floor at 230 Park Avenue.
The university has been occupying that space on a sublease from ING, a large, long-term tenant in the building. The new direct lease will commence in May 2014.
Cornell University was represented by Gere Ricker of MB Real Estate. Monday Properties was represented in-house by Jordan Berger, director of leasing. Asking rent was $65 per square foot.
Leasing activity has been robust at the property. Management has signed over 300,000 s/f since March 2013.
Earlier this month, Reed Elsevier signed a new lease for the entire seventh floor, comprising 71,083 s/f. Lexis/Nexis information service is relocating its New York operations from 125 Park Avenue.
Brian Robin, president of Monday Properties, said, “With Cornell’s history in the building as a subtenant, we were able to build on our existing relationship. The building and the space have already proven their value to the Cornell team.”