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After a $40 million facelift, the Park Avenue tower is nearing its maximum occupancy

The owners of 320 Park Avenue, Mutual of America and Munich Re, have started to see the returns on their investment in the tower’s $40 million repair and upgrade project.

In February, we reported that the newly created joint venture owners (before, Mutual was the only owner) were experiencing a lot of leasing activity, which left very little space available. Mutual was the lone owner of the sole owner of the sole owner.

Now, according to some sources, three tenant additions have gobbled up more than 80,000 square feet, which has effectively made the 766,000-square-foot tower virtually full. Raymond James, Audax, and Permira Advisers were the firms that contributed to the expansion. Raymond James added 38,000 square feet, and Audax and Permira Advisers each added 30,000 square feet (15,000 more square feet).

On the lower floors, the asking rates range from $100 to $125 per square foot, while rents in the tower portion range from $130 to 160 per square foot.

The leasing brokers are Frank Doyle and David Kleiner from JLL; however, neither one of them was accessible for comment.

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Akanksha Jain

Akanksha Jain love to learn new stuff every day. With a background in computer science and a passion for writing, she loves writing for Startup, Business sections of Editorials99.

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