Japan’s Consulate General Renews Manhattan Lease
- Jul 12, 2019
The Consulate General of Japan has just recommitted to its home in the Manhattan office tower at 299 Park Ave. The diplomatic office renewed its occupancy of approximately 58,200 square feet at the 1.2 million-square-foot building with the signing of a lease extension with property owner Fisher Brothers.
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Fisher Brothers developed 299 Park in 1967, erecting the 42-story high-rise along a full block front in the Plaza District. The company is planning a major capital improvement project at the property as one of the final steps in its $165 million asset renewal program, which was instituted to modernize its approximately 5.5 million-square-foot Manhattan office portfolio.
“The capital improvement program at 299 Park Ave. has been designed primarily to bring the prestige of the Plaza District directly into the tower and the reaction to our plans from current and prospective tenants has been overwhelmingly positive,” Winston Fisher, partner with Fisher Brothers, told Commercial Property Executive.
The Consulate has called 299 Park home for close to 40 years. With the completion of the new lease agreement, the tenant will remain in its space, which encompasses the entire 18th and 19th floors of the Emery Roth & Sons-designed building, until 2036. The Consulate engaged CBRE’s Stuart Eisenkraft, Robert Stillman, John Maher and Ariel Ball for representation in the transaction, while Fisher Brothers relied on in-house representatives Marc Packman and Charles Laginestra.
The allure of the upgrade
Fisher Brothers plans to invest approximately $20 million in the renovation of 299 Park. Rockwell Group has been tapped to spearhead the design of the project, which will include a reimagined lobby with a refined design. The LEED Gold-certified property’s entrance will get a makeover that will flood the lobby with natural light, and its plaza will be illuminated through the addition of a new exterior lighting system.
Other office users that have been enticed by the renovation plan at 299 Park include One William Street Capital Management, which inked a 12-year lease during the second quarter of this year for nearly 29,800 square feet spanning the entire 25th floor. In 2018, Bardin Hill Investment Partners claimed the 24th floor as its own, signing a 12-year lease for the 28,000-square-foot space. Altogether, Fisher Brothers has landed 315,000 square feet of new leases and renewals at 299 Park since revealing its capital improvement program.