237 Park Avenue

The building is a 21-story office tower containing 1,251,781 RSF and located in the heart of midtown Manhattan’s Grand Central District. Occupying the eastern span of Park Avenue from 45th to 46th Streets adjacent to Grand Central Terminal, the property has large floor plates (60,000 RSF) that help attract and retain a roster of credit tenants, such as Credit Suisse, UBS, J. Walter Thompson and International Paper. MP purchased 237 Park Avenue with the strategy of adding value principally by rolling below market rents ($38 PSF) to market ($46-$50 PSF), as over 40% of the building’s leases (456,000 RSF) expired in 2006. MP stabilized the rent roll and invested $3 million to replace the elevators with new Schindler Miconic systems to achieve significant upside.