Jones Lang LaSalle was selected by RXR Realty LLC and Walton Street Capital LLC to lease 237 Park Avenue, formerly known as Park Avenue Atrium.
The firm will provide a full range of marketing and transactional services for the Class A, 1.2 million-square-foot commercial office building.
The JLL team handling the leasing assignment includes Paul N. Glickman, Mitchell Konsker and Mitti Liebersohn, vice chairmen, and Cynthia Wasserberger, managing director. The team will work closely with William Elder, executive vice president and managing director, with 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. These new features will complement the efficient and original architectural design.”
“Designed by Moed de Armas & Shannon, the improvements will thoroughly update 237 Park Avenue,” said Konsker. “The building will be enhanced with modern, sleek finishes of stone and glass with a wood panel feature wall; a new trellis structure situated above a new security desk and seating areas to create a more intimate scale; new interior and two-story exterior retail storefronts; and updated elevator cab finishes.”
The new capital improvement program will also 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.
“With a major capital renovation under way, this will become one of Midtown’s true hidden gems, an architecturally distinct office tower offering the largest floor plates available on Park Avenue,” said Glickman. “Located directly across from Grand Central Terminal, 237 Park Avenue provides tenants with unparalleled access to transportation that serves the entire city. Space users also have the added convenience of multiple entrances into the building.”
The 21-story, 237 Park Avenue is bounded by Lexington and Park avenues, and East 45th and East 46th streets. The trophy office building has approximately 450,000 square feet of office space available, comprising the entire 10th and 11th floors, totaling 121,000 square feet; the entire 13th-16th floors, totaling 240,000 square feet; and a duplex that includes a portion of the 19th floor and the entire 20th floor, totaling 87,000 square feet. The building also offers more than 30,000 square feet of retail space along East 45th and East 46th streets.
RXR Realty and Walton Street Capital completed the purchase of 237 Park Avenue in late November. The building was originally designed by Warren & Wetmore as a six-story building, with initial construction completed in 1905. Another 10 stories were added in 1935. Edward Durell Stone & Associates designed the tower addition and renovations that brought 237 Park Avenue to 21 stories, with construction on that project completed in 1981.