JLL brings 99 Park Ave. to full occupancy as Southern Land Company signs new lease

Manhattan, NY According to JLL, Southern Land Company has signed a 13,000 s/f lease at 99 Park Ave., bringing the 600,000 s/f Class A tower owned by Global Holdings Management to full occupancy.

Southern Land Company will relocate from 75 Rockefeller Center to occupy part of the 4th floor of the property. The transaction follows more than 300,000 s/f of leasing completed over the past nine months as ownership commences a $30 million repositioning which includes a new double height, two-story Park Avenue lobby with a glass façade and lounge area, and a lower-level conference and amenity center with a fitness center, duckpin bowling, a speakeasy-style lounge, golf simulator, and an on-site hairstylist and dry bar.

JLL serves as exclusive agent for 99 Park Ave., and a team led by vice chairman Paul Glickman, senior vice presidents Diana Biasotti and Harrison Potter, and executive vice president Kristen Morgan worked with Global Holdings’ senior vice president Craig Panzirer and director of leasing Alex Radmin to arrange the lease. Southern Land was represented by Ben Bass, vice chairman, and Seth Godnick, senior vice president, at JLL.

Glickman said, “99 Park Ave. is a prime example of Class A properties with strong, well-capitalized ownership committed to attracting tenants through long-term investment. It’s a premier asset in one of the city’s tightest submarkets, with extensive amenities and an ideal location. It has been rewarding to work closely with Global Holdings to position the building for success—attracting the right tenants through thoughtful strategy, market insight, and a focus on long-term value.”

Working with JLL and global architecture and interior design firm Vocon, Global Holdings is following the playbook from its repositioning of Nomad Tower at 1250 Broadway, one of the first buildings in the city to fully integrate amenities into the lobby and create a much more hospitality driven experience.

Panzirer said, “When space became available on the second floor of 99 Park Ave., it enabled us to make the lobby double-height, flood it with light and set the tone for the entire experience at the property while elevating the market’s perception of the building.”

Rents at 99 Park Ave. have risen by 25% since the renovation was announced, reflecting the continued flight to quality that dominates Manhattan’s office leasing market, where the vast majority of leasing is concentrated in Trophy and Class A buildings, according to JLL Research. Of continued importance to tenants has also been identifying owners and buildings with the financial stability and resources to fund concessions, build interior spaces, make capital improvements and secure lender approvals.

New leases in the building include a recent deal with Amalgamated Bank, which took 94,000 s/f in a relocation from 275 Seventh Ave. Amalgamated will occupy the entire second, third, and fifth floors, as well as a portion of the ground floor to be used as a private entrance lobby.