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245 Park Avenue

EQT Partners Expands Midtown Manhattan Office Lease At 245 Park Avenue To 114562 Square Feet
LEASEDOffice

EQT Partners Expands Midtown Manhattan Office Lease At 245 Park Avenue To 114562 Square Feet

245 Park Avenue

Building Size

114,562 SF

Asset Type

Office

Closing

Dec 22, 2025

AI

The property involved in this lease transaction is an office space located at 245 Park Avenue in Midtown Manhattan, covering a total area of 114,562 square feet. EQT Partners has expanded its office space by 38,358 square feet, now occupying the 32nd to 34th floors of the building.

Summary of transaction details:

This transaction reflects the collaboration among several key individuals, including Marc Holliday, who represents SL Green, and Per Franzén of EQT Partners. The brokerage team from Cushman & Wakefield involved in this deal includes Pierce Hance, Michael Movshovich, Ethan Silverstein, Bruce Mosler, Harry Blair, Ron Lo Russo, and Justin Royce.

Players

Justin Royce

Cushman & Wakefield

Broker

15 deals

Broker
SL Green
SL GreenLandlord

New York Office Market Snapshot

Boundary boundary · Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93