Bloomberg LP signs 500K-sf Extension at 120 Park Avenue

Bloomberg LP has signed an 11-year lease extension for its 495,753-square-foot space at 120 Park Avenue. A tenant since 2011 at the property that spans the entire Park Avenue blockfront between East 41st and East 42nd Streets, the recent signing extends the firm’s stay from the current lease expiration in 2029 secured in November 2018 to 2040. Asking rents at the building average $135 per square foot according to reported information shared with Crain’s New York by landlord Global Holdings’ chairman and founder Eyal Ofer. The deal aligns with Bloomberg’s current leases at nearby 731 Lexington Avenue and 919 Third Avenue that were similarly extended last year to sometime in 2040, where the privately held data and media company led by former New York Mayor Michael Bloomberg occupies approximately 950,000 square feet and 175,000 square feet respectively.

Source:    https://www.crainsnewyork.com/real-estate/bloomberg-extends-lease-midtown-global-holdings