Demand for prime Park Avenue is so great, one expanding financial company was willing to lease offices on two non-contiguous floors – and to pay more for the second one.
After Munich Re bought out its 320 Park Avenue partner Mutual of America late last year to assume 100% ownership of the tower, as we first reported, the giant insurer moved quickly to lease the few remaining spaces.
In late December, Monroe Capital signed for the entire, 15,000 square-foot 30th floor, moving from 126 E. 56th St. The asking rent was $140 per square foot.
Now, Monroe has added another, lower floor at 320 Park Ave. Sources said Monroe just signed for an additional 15,000 square feet on the entire 21st floor, where the ask was $170 per square foot.
“Demand on Park Avenue is so great that companies are willing to split up their offices just to have more of them,” our source marveled.
Savills’ Greg Taubin repped Monroe.
JLL’s Frank Doyle, Dave Kleiner and Carlee Palmer repped landlord Munich Re.
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