CLEAR Moves to EQ Office’s Park Avenue Tower

The tech company signed a 10-year lease at the Plaza District location and will occupy the entire 17th floor until the end of the year.
Park Avenue Tower

Tech company CLEAR has relocated its Manhattan office to Equity Office’s Park Avenue Tower. The two parties signed a 10-year, 24,640-square-foot lease that will add CLEAR to the property’s tenant roster by the end of the year. The landlord was represented in-house by Senior Vice President & Portfolio Director Simon Wasserberger and Leasing Manager Scott Silverstein, together with an NKF team that included Brian Waterman, Ben Shapiro, Brent Ozarowski and Lance Korman. NKF Executive Managing Director Jared Horowitz represented the tenant.

CLEAR will relocate to the Plaza District from its previous location at 650 Fifth Ave. The new office will encompass the entire 17th floor with a portion of the 16th floor to be added in early 2019 following a space build out.

Recent renovations

The 36-story luxury office tower is located at 65 E. 55th St. and has been part of EQ Office’s portfolio since 2014 when it purchased the asset from Shorenstein for $789.5 million, according to real estate data provider Yardi Matrix. 

The current owner then invested $40 million in capital improvements, which included a 20,000-square-foot common area called The Club, a modern lobby and an outdoor plaza as well as upgraded mechanical systems. The Club now provides all tenants with high-end amenities, such as a fitness facility, business lounge and conference center.

Since completing the renovations, EQ Office has secured more than 230,000 square feet of new leases. The roster also includes The National Bank of Canada, Oak Hill Capital Management, TowerBrook Capital Partners, Cyrus Capital Partners, East Rock Capital Management and Eminence Capital.

Image courtesy of Yardi Matrix