Commercial Observer: JVL Ventures Takes Sublease At 230 Park Avenue

By Michael Ewing on September 23, 2013.
JVL Ventures is the latest tenant to move into 230 Park Avenue.

The internet software and services firm will be taking the entire 22,246 square foot 27th floor off the hands of Swiss Reinsurance Company through a sublease, Compstak initially reported in a weekly newsletter.

Prior to JVL, Swiss Re. had leased the space to 1010 Data for two years. JVL Ventures is a longer deal and is set to run through August 2020. Jim Wenk of Jones Lang LaSalle represented the sublandlord and Robert Kennedy and Leon Manoff of Colliers International represented JVL. Neither party could be reached for comment.

“Over the years, the ownership of 230 Park Avenue has earned the trust of the international banking community,” said Brian Robin, president of Monday Properties, in a statement announcing a deal with Leona M. and Harry B Helmsey Charitable Trust. “We are delighted to welcome Bank of the Ozarks to our tenant roster of banking institutions including ING, Deutsche Bank, Union Bank of California, Bank of Argentina, HSH Nordbank and Comerica.

Monday Properties acquired 230 Park Avenue in partnership with Goldman Sachs in 2007. Goldman later sold its stake in the building to Invesco in 2011. Since that time, ownership has overseen over $100 million in capital improvements which have resulted in 230 Park Avenue becoming the first Pre-war office building to achieve LEED Gold certification.

230 Park’s leasing team – Frank Doyle, Jonathan Fanuzzi, Paul Glickman and David Kliener of Jones Lang LaSalle – have been at work patching up the building since Monday Properties took over, raising the occupancy from 80 percent to the mid 90s of the 1.4 million sqaure-foot building.

September started off with a storm of leases, including Lee Hecht Harrison‘s 23,000-square-foot deal and Reed Elsevier‘s 71,083-square-foot deal.

Regina Glick

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