399 Park Avenue
| 399 Park Avenue | |
|---|---|
 399 Park Avenue from the ground;601 Le xing ton Avenueis at right. | |
 | |
| General information | |
| Status | Completed |
| Type | Office |
| Coordinates | 40°45′33″N73°58′18″W/ 40.759184°N 73.971763°W |
| Completed | 1961 |
| Owner | Boston Properties |
| Height | |
| Roof | 524 ft (159.7 m) |
| Top floor | 470 ft (143 m) |
| Technical details | |
| Floor count | 41 |
| Floor area | 1,700,000 square feet (160,000 m2) |
| Design and construction | |
| Architect(s) | Carson & Lundin;Kahn & Jacobs |
| Developer | First National Bank |
399 Park Avenueis a 41-story office building that occupies the entire block betweenPark AvenueandLe xing ton Avenueand53rd Streetand54th StreetinMidtown Manhattan,New York City.The building was the world headquarters ofCitigroupfrom 1961, when it moved from55 Wall Street,until 2015, when the company moved to388 Greenwich Street.[1]
History[edit]
The building lot was assembled byVincent Astorwho initially planned to build a 46-storyAstor Plazaon the site. Astor had problems completing the assembly of the lots of mostly residential buildings as a pharmacy held out. In 1974, the company opened theCitigroup Centerannex across Le xing ton to the east. In 1987, Citigroup sold one third of its interest in the building along with two-thirds of its interest in Citigroup Center toDai-Ichi Mutual Life Insurance Companyfor $670 million. At the time, Citigroup said it was moving many of its offices toOne Court SquareinLong Island City,Queens. Citigroup moved out of the top two thirds of the building but kept the lower floors.[2]Citigroup later bought back its interest in the building.
In 2002, Boston Properties bought the building for $1.06 billion beating out other bidders includingBrookfield Properties,Equity Office Properties,Vornado Realty Trust,RFR Holdings,and the Paramount Group.[3]Boston Properties paid over $630 per square foot, which was the highest price ever paid for an office building at the time. Boston also bought the nearbyCitigroup Center.Citigroup then leased its headquarters from Boston Properties through 2017. After theSeptember 11 attacksdamaged much of their headquarters atBrookfield Place,Lehman Brothersleased 400,000 square feet (37,000 m2) in the building untiltheir 2008 bankruptcy.[4]Other former tenants included law firms Caplin & Drysdale, which moved to 600 Le xing ton Avenue andWilmer Cutler Pickering Hale and Dorr,which moved to7 World Trade Center.[5][6]
In December 2013, Citigroup announced it would relocate its global headquarters to388 and 390 Greenwich Street in Tribeca,a complex it had purchased fromSL Green Realtyin 2016.
Tenants[edit]
- Avenue Capital Group
- Brigade Capital Management,37,430 square feet (3,477 m2) on 15th and 16th floors[7]
- BentallGreenOak
- Blue Owl[8]
- Citigroup[9]
- Colony NorthStar[10]
- Cyrus Capital Partners
- C. V. Starr & Co.,211,000 square feet (19,600 m2)[11]
- Jordan Company,25,000 square feet (2,300 m2)[12]
- Le xing ton Partners,48,000 square feet (4,500 m2) on 20th and 21st floors[13]
- Millennium Management, LLC,300,000 square feet (28,000 m2)[14]
- Moelis & Company[15]
- Peterson Management, 40,000 square feet (3,700 m2)[16]
- PineBridge Investments[17]
- Robins Kaplan LLP,38,000 square feet (3,500 m2)[18]
- Savills,91,000 square feet (8,500 m2) on 11th and 5th floor[19]
References[edit]
- ^Dailey, Jessica (March 31, 2015)."Citigroup Plans Glassy Makeover for New Greenwich Street HQ".Curbed NY.RetrievedSeptember 21,2016.
- ^Berg, Eric N. (October 3, 1987)."Citicorp Selling Part Offers Headquarter".The New York Times.RetrievedSeptember 4,2009.
- ^Weiss, Lois (August 29, 2002)."MORT MAKES $1.5B TOP BID FOR 399 PARK AVE".New York Post.
- ^Cuozzo, Steve (October 13, 2009)."Boston plays lease hardball".New York Post.
- ^Slade, Margot (October 29, 1993)."Small Firms Flock to Big-Time Street".New York Times.
- ^"WilmerHale Moves to State-of-the-Art, LEED-Certified Offices at 7 World Trade Center".WilmerHale. July 16, 2012.
- ^Baird-Remba, Rebecca (January 31, 2019)."Private Equity Firm Renews at Boston Properties' 399 Park".Commercial Observer.
- ^Hallum, Mark (September 14, 2022)."Blue Owl Capital Inks 138K-SF Lease in Seagram Building".Commercial Observer.RetrievedOctober 17,2022.
- ^Geiger, Daniel (May 11, 2012)."Citibank Renews 500,000 SF Lease".Commercial Observer.
- ^"NorthStar Securities".Archived fromthe originalon July 15, 2015.RetrievedJuly 15,2015.
- ^Bockmann, Rich (August 5, 2016)."Insurer renews, expands to 211K sf on Park Avenue".The Real Deal.
- ^Geiger, Daniel (August 9, 2012)."The Jordan Company Completes 399 Park Lease".Commercial Observer.
- ^Rizzi, Nicholas (February 12, 2020)."Private Equity Fund Moving to 48K SF at 399 Park Avenue".Commercial Observer.
- ^"Asset Manager Millennium Management Nabs 300K SF at 399 Park Avenue".Commercial Observer.December 26, 2018.
- ^Rubinstein, Dana (August 24, 2009)."Ken Moelis' Newish I-Bank Signs Robust Lease at Mort Zuckerman's 399 Park".New York Observer.
- ^Baird-Remba, Rebecca (November 6, 2017)."Wealth Management Firm of Blackstone Co-Founder Moves Within Midtown".Commercial Observer.
- ^"Former AIG Branch Moving HQ to 399 Park Ave".
- ^Cullen, Terence (February 24, 2017)."Robins Kaplan Signs Sublease at Boston Properties' 399 Park Avenue".Commercial Observer.
- ^Geminder, Emily (October 13, 2009)."Boston Properties Woos Studley to 399 Park for New HQ".New York Observer.