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Deals & Dealmakers

JLL leases 65,000 sf of space in three transactions at 99 Park Avenue

JLL has completed three transactions for a total of 65,428 square feet of space at 99 Park Avenue, a 25-story Class A office building located near Grand Central Terminal in Manhattan, on behalf of property owner Global Holdings Management Group, an international alliance of real estate asset management and investment advisory companies.

Berkshire Hathaway subsidiary, Garan, a leading private label apparel manufacturer, will relocate from 200 Madison to occupy 31,754-square-feet across the entire 7 th floor in a long-term lease.

AKAM Associates, a leading residential property management company serving New York, Connecticut, and South Florida, has leased 26,406 square feet for a new corporate headquarters. AKAM will relocate from 260 Madison Avenue to occupy the entire 14th floor at 99 Park Avenue in a long-term lease.

Privately-held CardWorks, the parent company of Merrick Bank, which specializes in providing consumer loans, has also signed a new long-term lease for 7,268-square-feet of office space on the 18th floor of the building.

The JLL professionals overseeing this leasing assignment are led by Paul Glickman, vice chairman; Diana Biasotti, senior vice president; Kristen Morgan, vice president, and Harrison Potter, associate. Garan was represented by Noel Flagg, executive managing director, with Newmark, in its transaction. Cardworks was represented by David Opper, vice chairman, and Eddie Sisca, senior associate, CBRE. A JLL team including Joe Messina, vice chairman; TJ Hochanadel, managing director, and Dan Santagata, senior vice president, represented AKAM Associates.

Originally built in 1953, the Art Deco property most recently received upgrades to its lobby, and work is currently being completed on the brand-new tenant-only fitness center below grade that will feature Peloton bikes, a yoga studio, state-of-the-art training equipment and a boxing station, along with new showers and changing rooms.

“We are delighted to welcome Garan, CardWorks and AKAM Associates to 99 Park Avenue as they continue to grow their respective businesses,” said Glickman. “The building’s brand-new tenant-only fitness center is a new amenity that will serve to help each firm attract and retain talent in today’s highly competitive environment.”

The transactions bring 99 Park Avenue to 95 percent occupancy and the three new tenants join a diverse roster of corporate, technology and financial services firms which occupy the 540,000-square-foot property located between 39th and 40th streets, including Heidell, Pittoni, Murphy & Bach LLP, Metropolitan Commercial Bank and the American Association of Retired Persons (AARP).

The building offers flexible floor plates that range from 9,000 square feet to 32,000 square feet, and efficient side-core operations that provide homogenous workspace with abundant air and light. It is surrounded by a wide variety of dining and retail offerings and provides multiple transportation options, with Metro-North’s Harlem (New York), Hudson (New York), and New Haven (Connecticut) Lines all terminating at Grand Central Station. In December 2022, the new East Side Access terminal will open, bringing the first direct LIRR train into Grand Central Terminal and providing direct service to Manhattan’s east side for Long Island and Queens commuters.

Craig Panzirer, senior vice president and director of leasing, Global Holdings Management Group, said: “We are thrilled to welcome three new tenants to this strategically located asset, steps from Grand Central Terminal amid the city’s best retail and entertainment offerings.”

JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.

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