The Real Deal with CompStak Data: Dow Chemical leases top two floors of 499 Park Avenue

Dow Chemical takes a $20 PSF break on rent after a move from Park Avenue submarket to Midtown East.

Dow Chemical leases top two floors of 499 Park Avenue

Firm will pay more than $130 per square foot
January 09, 2014 05:55PM By Hiten Samtani

From left: American Realty Advisors CEO Stanley Iezman, 499 Park Avenue and CBRE's Paul Amrich

From left: American Realty Advisors CEO Stanley Iezman, 499 Park Avenue and CBRE’s Paul Amrich

Just a few months after acquiring 499 Park Avenue from Hines for $250 million, American Realty Advisors has snagged a tenant for the top two floors of the Midtown East tower, at East 59th Street. Dow Chemical Company will take the 18,244-square-foot space and will pay rents starting at north of $130 per square foot at the 28-story, 303,000-square-foot office building, The Real Deal has learned from CompStak. Dow Chemical is currently paying about $150 per square foot for a 5,698-square-foot space on the 22nd floor of Somerset Partners’ 450 Park Avenue and its lease is set to expire this year, the CompStak data show. A spokesperson for Dow Chemical did not immediately return calls. The chemical company was represented by CBRE’s Anthony Dattoma in the deal, while American Realty Advisors was represented by a CBRE team of Paul Amrich, Neil King III, Patrice Meagher and James Ackerson . A spokesperson for CBRE declined to comment on the deal. Other tenants at the building include financial services firms Cantor Fitzgerald – whose chairman and CEO Howard Lutnick is also chairman and CEO of Newmark Grubb Knight Frank parent company BGC Partners — and the investment firm of Brazilian billionaire Moise Safra, M. Safra & Co, according to CBRE. In 2012, American Realty Advisors paid Laurence Gluck’s Stellar Management $56 million for 111 Kent Avenue, a 62-unit luxury rental building in Williamsburg, which at the time was the highest price per unit ever paid for a multifamily building in Brooklyn, as The Real Dealreported.

CompStak

Read more posts by this author.

Subscribe to CompStak Press

Get the latest posts delivered right to your inbox.

or subscribe via RSS with Feedly!