Cushman & Wakefield secured a 10-year, 16,304 s/f lease for Octagon Credit Investors at 250 Park Avenue, a 21-story pre-war building in Midtown’s Grand Central submarket.
AEW Capital Management (AEW) owns the property on behalf of one of its separate account clients.
Cushman’s David L. Hoffman, Jr. and Bryan Boisi represented the tenant. Cushman’s Robert Billingsley, Hoffman and Whitnee Williams represented the landlord.
Although terms of the lease were undisclosed, asking rents for Octagon’s space were in the $67-per-square-foot range.
Octagon is expanding and relocating to 250 Park Avenue from 245 Park Avenue where it was housed alongside its former parent company. In February of 2016, a controlling interest in Octagon was sold to Conning & Company. Octagon’s partial 15th floor space at 250 Park Avenue will serve as the firm’s independent space and headquarters. Octagon plans to build new office space at 250 Park and relocate there in the summer of 2016.
Hoffman first worked with Octagon in 2001 when it spun-off from JP Morgan Chase.