BXP Lands 92 KSF Expansion in Manhattan
This is the largest in a series of recently signed leases totaling more than 200,000 square feet at this tower.
Optiver has added 92,000 square feet to its Manhattan footprint at BXP’s 360 Park Ave. S. The global trading firm will occupy more space across the second through fifth floors, bringing its total presence in the building to about 115,000 square feet. The tenant had initially committed to the Midtown tower last year.
BXP recently has boosted occupancy at the 450,000-square-foot midrise to more than 90 percent by landing a raft of long-term leases there, all for whole floors, totaling approximately 230,000 square feet. Those commitments, including Optiver’s expansion, carry a weighted average lease term of 11.4 years.
The new tenants at the 1913-vintage Class B building include:
• Hunter Point Capital, an independent investment firm, which leased the entire 15th and 16th floors, or about 46,000 square feet.
• Trexquant, a global quantitative investment manager, which leased the whole 10th floor (about 23,000 square feet) to launch its New York City office.
• Betches Media, a female-founded women’s entertainment brand, which committed to the full sixth floor (about 23,000 square feet) for its headquarters, in its 15th anniversary year.
• Marriott International Inc., which leased the whole 14th floor (also about 23,000 square feet) to house its New York City–based corporate associates supporting the company’s Luxury Group, global brand public relations, and Riott Haus Creative, its in-house creative agency.
• Agentic infrastructure platform Vercel, which leased the full ninth floor (about 23,000 square feet).
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BXP’s Andrew Levin and Will Stark are in charge of leasing at 360 Park Ave. S. A CBRE team of Peter Turchin, Gregg Rothkin, Hayden Pascal, Arkady Smolyansky, Ross Zimbalist and Trevor Larkin has advised BXP on the lease-up of the building since the firm acquired it in 2021.
The office tower features expansive renovated lobbies, full-floor prebuilds, ground-floor dining and amenities including a communal rooftop terrace, dedicated lounges, coworking spaces, a conference center and a ground-floor bike valet.
Located at the corner of Park Avenue South and 26th Street, the midrise is one block from Madison Square Park and close to prominent transportation hubs like Grand Central Station and Penn Station. The property is also 1 mile from one of BXP’s office developments where investment and insurance firm Starr leased 275,000 square feet in January.
Gradual improvement
Borough-wide, Manhattan’s office leasing activity jumped by 25 percent, to 11.9 million square feet in the fourth quarter, according to a report from Colliers. Availability declined by 0.7 percentage points, to 13.9 percent, over the fourth quarter.
The Midtown submarket was slightly stronger, with 12.6 percent availability, on an inventory of 238 million square feet. The average Class B asking rent was $55.99 per square foot per year, Colliers reported.
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