By Daniel Geiger
The private equity firm Welsh, Carson, Anderson & Stowe has renewed its office lease at 320 Park Avenue. The firm, which manages a $20 billion portfolio of investments in healthcare and business services companies, occupies the building’s entire 25th and 26th floors, a total of about 30,000 s/f of space.
Rents for the transaction weren’t clear by press time, but asking rates in 730,000 s/f building are in the triple figures, according to sources.
In addition to Welsh, another private equity firm, One Equity Partners, LLC, recently extended its lease for 320 Park’s entire 18th floor, an almost 20,000 s/f space. One Equity, which manages $8 billion of investments for the bank JP Morgan Chase, according to its website, is also likely paying rates close to the triple figures.
A team from CB Richard Ellis, led by the firm’s New York area CEO Mary Ann Tighe, and company executives, Ben Friedland, Ken Meyerson, and Sacha Zarba, represented Welsh, Carson, Anderson & Stowe in its deal. None could be reached for comment by press time.
Richard Bernstein, an executive at the brokerage Cassidy Turley, handled the deal for One Equity Partners. Bernstein didn’t respond to a request for comment.
320 Park Avenue is owned and largely occupied by the Mutual of America Life Insurance Company, which is the property’s biggest tenant. A team from Jones Lang LaSalle, led by JLL executives Frank Doyle and David Kleiner, handles leasing at 320 Park for the building’s ownership. Doyle, one of the city’s leading agency representatives, couldn’t be reached for comment.