Global litigation law firm Scott+Scott expanded at RXR Realty’s 230 Park Ave., taking a 21,300-square-foot direct lease to replace a smaller sublease on a different floor.
It might seem modest in a 1.3 million square-foot tower. But RXR executive VP and New York managing director Bill Elder said it typifies the activity at 230 Park and in the Grand Central area as a whole.
The tower also known as the Helmsley Building, which enjoyed a $190 million infrastructure upgrade, is about 80% leased and Elder said more leases are in the pipeline. In the blocks around the terminal, some properties “are 100% leased. There’s no vacancy.”
He noted, “There’s a ton of activity at [Milstein’s and Brookfield’s] 22 Vanderbilt” nearby — where, as we reported, a 250,000 square-foot lease for Bain & Co. appears to be imminent.
Elder sees the office resurgence reflected in his once-lonely MetroNorth ride to the terminal in the morning. Now, “I can’t get a seat any more,” he said.
Realty Check saw the phenomenon at Bobby Van’s on 230 Park’s ground floor. The huge steakhouse was packed — and loud — on recent weekday visits when bankers, lawyers and real estate execs chowed down on shrimp parmesan and some of the city’s finest porterhouse.
The Helmsley Building is about 80% leased and more leases are in the pipeline.Credit: RXR Realty
Owner Rick Passerelli told us business is back to pre-pandemic levels “except on Friday, which used to be our busiest lunch. But even that is starting to pick up,” he said.
>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : New York Post – https://nypost.com/2023/11/19/business/law-firm-scottscott-expands-at-230-park-ave/
