{"id":1004717097,"date":"2024-06-14T01:45:19","date_gmt":"2024-06-14T09:45:19","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004717097"},"modified":"2024-06-14T01:45:20","modified_gmt":"2024-06-14T09:45:20","slug":"bxp-lands-new-tenant-at-manhattan-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bxp-lands-new-tenant-at-manhattan-property\/","title":{"rendered":"BXP Lands New Tenant at Manhattan Property"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" width=\"609\" height=\"457\" data-attachment-id=\"1004717098\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bxp-lands-new-tenant-at-manhattan-property\/15_hero_shot_01_update77_jpeg-1\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/15_Hero_Shot_01_Update77_jpeg-1.jpg\" data-orig-size=\"609,457\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"15_Hero_Shot_01_Update77_jpeg (1)\" data-image-description=\"&lt;p&gt;Property at 360 Park Ave. S., Manhattan, N.Y.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;: Boston Properties overhauled the vintage 1913-built property. Image courtesy of CBRE&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/15_Hero_Shot_01_Update77_jpeg-1.jpg?w=609\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/15_Hero_Shot_01_Update77_jpeg-1.jpg\" alt=\"Property at 360 Park Ave. S., Manhattan, N.Y.\" class=\"wp-image-1004717098\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/15_Hero_Shot_01_Update77_jpeg-1.jpg 609w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/06\/15_Hero_Shot_01_Update77_jpeg-1.jpg?resize=300,225 300w\" sizes=\"auto, (max-width: 609px) 100vw, 609px\" \/><figcaption class=\"wp-element-caption\">Boston Properties overhauled the vintage 1913-built property. <em>Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Ziff Davis has signed a 23,038-square-foot lease at 360 Park Ave. S., a 20-story, 440,000-square-foot, Class A office building in Manhattan, N.Y., owned by BXP. CBRE led the lease negotiations on behalf of the landlord.<\/p>\n\n\n\n<p>Ziff Davis provides digital media and internet services and will relocate its corporate offices from 114 Fifth Ave., occupying the 17th floor at 360 PAS.<\/p>\n\n\n\n<p>BXP entered an agreement to purchase the 1913-built office asset in 2021 for $300 million. Initially, BXP\u2019s stake was at 42 percent, however, earlier this year the company acquired the Canadian Pension Plan Investment Board\u2019s 29 percent share for just $1. Following its exit, the pension fund was released from $46 million in future funding, as well as the $5 million annual interest payments stemming from the BXP-assumed $220 million mortgage, according to <em>Crain&#8217;s New York Business<\/em>.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/cbre-expert-panel-clearer-skies-and-capital-priorities\/\">CBRE Panel: Clearer Skies, But Office Still Cloudy<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Subsequent to the acquisition, BXP earmarked $100 million in capital expenditures. The overhaul efforts of <a href=\"https:\/\/www.commercialsearch.com\/news\/capital-ideas-the-case-for-vintage-office-properties\/\">the vintage office property<\/a> included the reimagining of the ground floor which now features eateries managed by Chef James Kent, an owner of multiple Michelin-starred restaurants. Furthermore, a garden-level amenity center encompassing conference- and work-lounge areas, as well as a tenant-only roof deck with bar and upgrades to the building\u2019s elevator systems, among other additions, are also available.<\/p>\n\n\n\n<p>The office property encompasses 23,038-square-foot floor plates with 13- to 17-foot ceiling heights. Moreover, 10 elevators serve every floor while 19 stories have options for multi-floor connections. Stories 17 through 20 are fully leased. Iconiq Capital was the first office tenant to sign a lease following the building\u2019s overhaul.<\/p>\n\n\n\n<p>Located in Midtown Manhattan, 360 PAS is within walking distance of Madison Square Park and The Empire State Building, as well as the Flatiron Building and Worth Square. Numerous upscale dining options and transit stops are also within walking distance.<\/p>\n\n\n\n<p>CBRE Vice Chairman Peter Turchin and Executive Vice President Gregg Rothkin alongside Senior Vice Presidents Ross Zimbalist and Arkady Smolyansky, as well as Honorary Vice President Hayden Pascal and Senior Associate Trevor Larkin, represented the landlord in the lease negotiations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-manhattan-office-vacancy-increases-listing-rates-decline\">Manhattan office vacancy increases, listing rates decline<\/h2>\n\n\n\n<p>As of April, Manhattan\u2019s average office listing rate declined by 5.8 percent year-over-year, dropping to $69.72 per square foot\u2014still nearly double the national average of $37.66 for the same period, according to a recent <a href=\"https:\/\/www.commercialsearch.com\/news\/office-distress-risks-rising\/\">CommercialEdge report<\/a>.<\/p>\n\n\n\n<p>Increasing by 80 basis points year-over-year as of April, Manhattan\u2019s office vacancy rate landed at 17.6 percent, outperforming the national average of 18.3 percent, which also increased by 160 basis points during the same interval, the report reveals.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A digital media and internet company signed the 23,038 square foot lease at 360 Park Ave. S.<\/p>\n","protected":false},"author":3471,"featured_media":1004717098,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[52299,32789],"class_list":["post-1004717097","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-bxp","tag-cbre"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BXP Lands New Tenant at Manhattan Property - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Ziff Davis has signed a 23,038-square-foot office lease at 360 Park Ave. S. in Manhattan, N.Y. CBRE represented the owner, BXP.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/bxp-lands-new-tenant-at-manhattan-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BXP Lands New Tenant at Manhattan Property\" \/>\n<meta property=\"og:description\" content=\"Ziff Davis has signed a 23,038-square-foot office lease at 360 Park Ave. S. in Manhattan, N.Y. 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