Office furniture manufacturer Haworth is staying put at 125 Park Avenue. The company has renewed a ten-year lease for its 30,365 square foot office and showroom space in the 25-storey Midtown office building. Landlord SL Green Realty announced this on Wednesday. Haworth, known for manufacturing and distributing high-quality, ergonomic office furniture and workspace solutions, has been a tenant in the property, also known as the Pershing Square Building, for over a decade.
Haworth had previously renewed its lease for the same space in 2015. The asking rent at the time was $100 per square foot. For the current transaction, SL Green was represented in-house. Haworth was advised by Ethan Silverstein and Amy Zhen of Cushman & Wakefield.
Steven Durels, Executive Vice President and Director of Leasing and Real Property at SL Green, expressed his satisfaction: “We are proud to continue our valued relationship with Haworth at 125 Park Avenue.” He highlighted that the building's proximity to Grand Central Terminal, as well as the recently completed renovation of the lobby and lift cabs, have contributed to maintaining an occupancy rate of 99 percent.
SL Green acquired 125 Park Avenue in 2010 for $330 million. The building is located on Park Avenue and East 42nd Street, directly opposite Grand Central Terminal. Other notable tenants in the building include the banking and investment firm TD Securities and the real estate brokerage Newmark.
