2 Park Ave. hits 90% occupancy after $360M buy, leasing spree

Hadson Realty bought 2 Park Ave. from Morgan Stanley last year for $360 million – 31% less than the investment bank paid in 2007. Since then, the 1.2 million square foot prewar building has been on a leasing roll.

More than 165,000 square feet in recently signed deals brought the property to 90% leased. Asking rents range from $95 to $115 per square foot.

Deals at the Art Deco building between East 32nd and East 33rd streets included 50,017 square feet for Cadent, an AI-powered predictive advertising company. Charlie Health, a provider of virtual high-acuity behavioral health care, took 28,424 square feet. Advisory firm Oxford Economics leased 10,233 square feet. Law firm Herrick Feinstein and infrastructure consultant AECOM also lease space in the building.

CUNY closed on a deal to add 21,621 square feet for business offices. The landlord was represented in all the deals by JLL’s Mitchell Konsker, Cynthia Wasserberger, Kristen Morgan and Michael Hallas with Franco Rauseo of Haddad Brands, the fashion world parent of Hadson Realty. JLL took over leasing 14 months ago.

Major tenants include Haddad Brands itself with 250,000 square feet. Principal Richard Haddad said, “We are so confident in the building’s future that we chose to make it our own home. We look forward to welcoming new tenants who will help write the next chapter of this iconic address.”

Hadson recently completed a $50 million capital upgrade including a redesigned lobby, conference center, and an extensive amenities suite with a wraparound terrace.

JLL just honored vice-chairmen Paul Glickman and Mitch Konsker with its National MVP Agency Leasing Award. Among other achievements, the duo recently leased over 200,000 square feet at 51 Astor Place. JLL tristate chairman Peter Riguardi said, “Paul and Mitch exemplify the best of JLL.”

The latest midtown tower to achieve 100% occupancy is SL Green’s 500 Park Ave., where investment firm Kohlberg LLC signed a new 18,820 square foot lease covering the entire ninth floor. SL Green leasing director Steven Durels said the firm was drawn by the building’s “unmatched combination of location, architectural distinction, and the existing transformation underway.” JLL’s Paul Glickman represented Kohlberg with JLL’s Kristen Morgan. JLL’s Frank Doyle, Cynthia Wasserberger and Michael Pallas repped the landlord.

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