Commercial real estate advisor and service provider Newmark Group, Inc. recently announced that it had arranged one of the largest all-office property sales in New York City in 2024.
Newmark advised investment bank company Morgan Stanley in the sale of Two Park Avenue, a 1-million-square-foot high-rise nestled in the heart of the NoMad submarket. The buyer, Haddad Brands, reportedly plans to occupy a segment of the property and lease out the remainder of the space.
According to the Newmark statement of sale, this change of hands was in line with a rising trend of occupier-owner transactions in which companies opt to purchase properties for a discount, rather than lease the space.
Rising 29 stories above the corner of Park Avenue and East 33rd Street, Two Park Avenue is located a couple of blocks away from the Empire State Building and a short, 10-minute walk from both Grand Central and Penn stations.
The property features floor plates between 3,950 and 49,631 square feet; above-standard ceiling height; and a little more than 1 million square feet of LEED Gold-certified rentable Manhattan office space that includes retail. Amenities include a 27th-story penthouse lounge and outdoor terrace; a ground-floor lobby and conference center; and bike parking.
2 Park Avenue offers more than 1 million square feet of high-end Manhattan office space that can accommodate both large and small businesses. Property image courtesy of CommercialEdge.com
“The sale of Two Park Avenue reflects the growing trend of occupiers transitioning to ownership as a strategic move to align their business needs with long-term real estate goals,” said Adam Spies, co-head of Newmark U.S. Capital Markets. “This transaction allows Morgan Stanley to achieve a strong outcome in today’s market while enabling Haddad Brands to secure a flagship presence in one of Manhattan’s premier office towers.”
A leader in manufacturing and distribution of branded children’s wear and accessories, Haddad Brands is a privately held family business founded in 1925. Since then, it has collaborated with some of the most iconic brands in fashion, including Nike, Levi’s, and Ralph Lauren.
Amenities at 2 Park Avenue include a ground-floor conference center and a lounge and terrace space on the 27th floor. Property image courtesy of CommercialEdge.com
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