The New York Observer
By Dana Rubinstein
April 28, 2009
The owners of the Park House at 104 West 40th Street have plucked
high-profile financial tenant Capstone Advisory Group from the
well-appointed 1065 Avenue of the Americas across the street, owned by the
Capstone signed a 10-year lease for 12,000 square feet, the entire 15th and
16th floors, at the Park House, owned by a joint venture of Principal Global
Investors and Mermel & McLain, which bought the building in mid-2007
for $140 million.
Perhaps Capstone, whose rep didn’t return our requests for comment, was
lured to the other side by the winning tower’s recent $5 million capital
campaign, which, despite the relatively low dollar amount in real estate
terms, revamped the most-noticed portions of the 20-story tower’s body:
There’s a newly redone plaza entrance on 40th Street, a renovated lobby, a
modernist mural by Sarah Morris and new elevator cabs, with the now
requisite flat-screen TVs streaming financial news.
“I think the tenant was drawn to the building because of the recent
renovations and because of the boutique tower floors, which offer a
full-floor presence to the tenant and great light and views of Bryant Park,”
said Paul Amrich, executive vice president at CB Richard Ellis, whose team
represented the landlord.
Marc Miller, a broker at Winoker Realty, represented Capstone, and CBRE’s
Mr. Amrich, Fernando Urrutia, Keith Caggiano and Michael Movshovich
represented the landlord, with Mermel & McLain.
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