Jones Lang LaSalle has been tapped to lease two major office buildings in Midtown Manhattan.
RXR Realty LLC and Walton Street Capital LLC selected JLL to lease 237 Park Avenue, the Class A office building formerly known as Park Avenue Atrium.
TIAA-CREF selected JLL as the exclusive agent and property manager for 475 Fifth Avenue, a 280,000 s/f, Class A office building overlooking Bryant Park.
The JLL team handling the leasing assignment at 237 Park Avenue includes Paul N. Glickman, Mitchell Konsker and Mitti Liebersohn, and Cynthia Wasserberger. The team will work closely with William Elder of RXR Realty.
“JLL is uniquely qualified to draw prospective tenants from the high-end technology, financial and service companies that would recognize the value and benefit of a Park Avenue-quality building,” said Elder.
“RXR Realty and Walton Street Capital have launched a $50 million capital improvement program to transform our new asset into a modern office environment.”
Among other things, the new capital improvement program will feature more prominent and visible entrances on Lexington and Park avenues, as well as a new, reconfigured Depew Place Plaza and entrance with granite paving and outdoor seating opportunities. All of the renovations are slated for completion in early 2015.
The Jones Lang LaSalle team overseeing the agency leasing assignment at TIAA-CREF’s 475 Fifth Avenue is led by Frank Doyle, Cynthia Wasserberger, and Douglas Neye, as well as Shawna Menifee.
Property management services at 475 Fifth Avenue will be led by Matt Duthie, with the firm’s property management group. In addition, TIAA-CREF selected RKF to handle retail leasing at the building, with the team including Robert K. Futterman, Ariel Schuster, and Zach Winkler.
TIAA-CREF acquired 475 Fifth Avenue in late 2011 and is planning to completely reposition the 24-story office property.
The pension fund has launched a multimillion dollar capital improvement program that includes a new lobby, which will be relocated to 41st Street to accommodate a ground-floor retail space with greater exposure and visibility on Fifth Avenue. Other improvements include new energy-efficient mechanical and elevators.