By Barbra Murray, Contributing Editor
New York—Fisher Brothers, owner of the 42-story office tower at 299 Park Ave. in Manhattan’s Plaza District, has selected commercial real estate services firm Newmark Grubb Knight Frank to serve as exclusive leasing agent for the 1.2 million-square-foot property.
If anyone knows what’s best for 299 Park, it’s Fisher Brothers. The real estate company developed the Emery Roth & Sons-designed building in 1967, and presently owns a 50.5 percent stake in the asset. “299 Park Avenue has a history of attracting top firms to its sterling tenant roster and we are confident that collaborating with industry leaders like the team from NGKF will bolster the efforts of our in-house team and command significant interest from companies in a wide range of industries,” Ken Fisher, partner with Fisher Brothers, told Commercial Property Executive.
Presently, 299 Park is 97 percent leased, but that won’t necessarily be the case for long; 375,000 square feet are currently up for grabs for occupancy in 2018. But vacant space has its advantages. When NGKF reels in additional tenants to join the likes of UBS, Capital One, Carlyle and Consulate General of Japan, it will be doing so with the highest total asking rents in Midtown and much of Manhattan. In the second quarter, office space in the Plaza District was being marketed at an average of $110 per square foot, according to a report by NGKF.
While NGKF embarks on a lease-up campaign at 299 Park, Fisher Brothers continues to add to the marketing points. “As a long-term owner ,we have and continue to invest significantly in 299 Park Avenue,” Fisher added. “We are constantly upgrading systems, improving the tenant experience and engaging in preventive maintenance. This is a legacy asset we are very proud of.” Pride of ownership and pride of occupancy. Fisher Brothers maintains its headquarters at 299 Park.
Image courtesy of Yardi Matrix