Park Avenue tower filling up to capacity after $40M revamp

MONEY & BUSINESS: Park Avenue tower filling up to capacity after $40M revamp

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Mutual of America and Munich Re, owners of 320 Park Ave., have begun to reap the benefits of the tower’s $40 million renovation and upgrading.

We reported in February that the newly formed joint venture owners (Mutual was previously the sole owner) were seeing a lot of leasing activity that left little space available.

Now, sources say, three tenant expansions have eaten up over 80,000 square feet, making the 766,000-square-foot tower virtually full. The growth was by Raymond James (which added 38,000 square feet), Audax (30,000 more square feet) and Permira Advisers (15,000 more square feet).

Asking rents are $100-$125 per square foot on lower floors and $130-$160 in the tower portion.

JLL’s Frank Doyle and David Kleiner are the leasing agents, but neither was available for comment.



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