Anchorage Digital and Life Science REIT are the first new tenants to join 470 Park Avenue South following a $15 million renovation of the Midtown commercial building. SJP Properties and PGIM Real Estate, the building’s current owners, retained Gensler and MKDA to complete the modernization project, which was unveiled in February.
Anchorage Digital, a full-service financial platform and infrastructure provider for the digital asset space, is leasing 10,000 square feet on the ninth floor of 470 Park Avenue South for its New York City outpost. Life Science REIT will occupy the building’s entire second floor, also spanning 10,000 square feet.
“Through our strategic investment in 470 Park Avenue South, we’ve seen a significant uptick of interest in this property as companies prioritize office environments that streamline commutes, offer access to the outdoors, and include a suite of high-end amenities to get employees excited about coming into the office,” said Alexander Erdos, senior vice president of leasing and marketing at SJP Properties. “470 Park Avenue South meets all of these demands.”
Outdoor courtyard and fire pit at 470 Park Avenue South – Courtesy of SJP Properties
Outdoor lounge space at 470 Park Avenue South – Courtesy of SJP Properties
Outdoor lounge space at 470 Park Avenue South – Courtesy of SJP Properties
SJP Properties acquired the building in a joint investment with PGIM Real Estate in December 2018 and partnered on the $15 million renovation. The project entailed the creation of new amenity spaces including a rooftop terrace with views of the surrounding Midtown skyline, a ground-floor lounge that feeds into the lobby, and a landscaped courtyard with a bar, fire pit, and ample seating.
Additional improvements included the modernization of all elevators and the completion of extensive renovations to the façade, including the replacement of all perimeter windows.
Lounge, bar and coworking spaces at 470 Park Avenue South – Courtesy of SJP Properties
Transwestern Real Estate Services represented Anchorage Digital in lease negotiations, and Life Science REIT was represented by Cushman & Wakefield. CBRE, the exclusive leasing agents for 470 Park Avenue South, represented building ownership in the transaction.
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15 million renovation?
That doesnt quite sound right.