RXR Realty and Walton Street Capital announced that J. Walter Thompson, the worldwide marketing communications brand, has signed a new ten-year 270,000 s/f lease to remain at 237 Park Ave., the marque property owned by RXR and Walton Street.
Located in the heart of the Grand Central District, between 45th and 46th Streets, 237 Park Avenue is one of the most conveniently located buildings in Manhattan, just steps away from Grand Central Terminal and all major transportation.
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The 21-story building, encompassing approximately 1.25 million square feet of Class A office space, was acquired in 2013 by RXR and Walton Street.
The new lease comes as RXR is close to completing a $50 million renovation to the building.
The extensive work includes newly constructed entrances on 45th and 46th Streets, enhanced visibility on Park Avenue, a new lobby and redesigned atrium, enhanced retail throughout the first two levels of the building; and a completely re-imagined plaza on Depew Place (between 237 and 230 Park Ave., which RXR also owns) with new restaurant opportunities and outdoor seating.
The company was an original tenant of the building when it opened in 1979, so it was critical in the renewed life of the asset that RXR and Walton retain this immensely important brand in the building.
“We are very excited that J Walter Thompson is remaining an important anchor tenant in our newly redeveloped asset,” said William Elder, executive vice president and managing director, NYC for RXR Realty.
“In an era where creative firms require inspiring office solutions to attract talent and generate revenue, we are extremely pleased that they found our renovations and ownership values consistent with the future of their headquarters requirement and core values.”
J Walter Thompson is owned by WPP, the world’s largest communications services group.
They were represented by CBRE’s Mary Ann Tighe, Gregory Tosko, Lauren Crowley and Brendan Herlihy. RXR handled the transaction on behalf of ownership
