August 13, 2022
Park Avenue tower filling to capacity after M revamp

Munich Re, owner of Mutual of America and 320 Park Avenue, has begun reaping the benefits of the tower’s $40 million renovation and upgrade.

We reported in February that the newly formed JV owners (Mutual was formerly a sole proprietor) were witnessing a lot of leasing activity leaving very little space available.

Now, say sources, the three-tenant extension has consumed over 80,000 sq ft, making the 766,000 sq ft tower almost complete. The development was carried out by Raymond James (which added 38,000 sq ft), Audax (30,000 more sq ft) and Permira Advisors (15,000 more sq ft).

Rents range from $100-$125 per square foot on the lower floors and $130-$160 for the tower portion.

JLL’s Frank Doyle and David Kleiner are leasing agents, but neither were available for comment.

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