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L Green, Manhattan's largest commercial landlord, is seeking to revamp the outdoor plaza of its Park Avenue office building. The company has filed a rezoning application with the Department of City Planning to update the "bare" space around 245 Park Avenue. The proposal includes adding 31 trees and seating areas to make the space more inviting, as well as addressing grade differences. Additionally, the project would involve replacing windows and updating the lobby and elevator cabs.

    The building, which spans over 81,000 square feet, was constructed in 1966 and is bounded by Park and Lexington avenues and East 46th and 47th streets. SL Green acquired the property through a bankruptcy auction in 2022 and sold 50% of its equity to Japanese developer Mori Trust last year for $2 billion.

    The building has seen recent success with a new lease agreement from hedge fund Veritant Group, which took over 72,500 square feet of office space for 10 years. However, the tower still faces challenges, including a 64% retail vacancy rate, with two of its four retail spaces standing vacant.