Private credit placement agent Briarcliffe Credit Partners has signed for 5,177 square feet at 300 Park Avenue. The company committed to a five-year lease term at the Midtown office building.
300 Park Avenue is a 26-story, 773,056-square-foot, Class A office building owned by Tishman Speyer. Recent building upgrades include a completely redeveloped façade, updated lobby, and new building systems.
Newmark Vice Chairman Fred Smith and Associate Thomas Burrus represented Briarcliffe Credit Partners in the lease negotiations after working with the company since its launch in February of 2021. This marks the third transaction Smith and Burrus have completed with the company after previously completing two flexible office space deals.
“We were pleased to represent Briarcliffe Credit Partners in its first permanent office lease,” said Smith. “After outgrowing its flexible office space, the company needed a larger office to continue its expansion. We are honored to support its continued growth.”
According to Newmark Research, the availability rate in Midtown registered 17.5% as of the third quarter of 2021, a 30-basis-point decrease from the prior quarter. Availability fell in eight of the 11 Midtown submarkets, including the Park Avenue submarket, which registered an availability rate of 15.1% as of the third quarter.
