SL Green, the dominant office landlord in Manhattan, has finalized a 15-year, 144,418-square-foot renewal and expansion lease with Newmark at 125 Park Ave.
Newmark’s history with the building dates back to the mid-1990s, when it initially occupied only 47,000 square feet. Then, in 2014, it significantly expanded its presence to bring Newmark’s footprint to more than 133,000 square feet. This most recent expansion further increases its occupancy to a total of 184,239 square feet within the property.
Jason Perla and Brian Waterman, both from Newmark, represented their firm in the lease transaction.
With 125 Park Ave. nearing full occupancy at more than 99% leased, SL Green is proceeding with the final design stages of a new lobby and the restoration of the building’s entrance to its original 1922 aesthetic. Originally constructed as the Pershing Square Building, this 26-story structure encompasses more than 650,000 square feet. Designated a New York City landmark for its “significant contribution to the variety and richness of Midtown East,” the property enjoys a prime location directly across from Grand Central Terminal.
“We are pleased to extend our valued relationship with Newmark,” said Steven Durels, executive vice president and director of leasing and real property at SL Green. “This is another example of the continued strength of the midtown Manhattan office market, which is showing significant tenant demand for high-quality space near Grand Central Terminal.”
The property at 125 Park Ave. hosts a diverse tenant roster, including Canon Solutions America; Meister Seelig & Fein; and Pandora Media, alongside financial heavyweights, like TD Bank and American Express, as well as Shorestein Properties.
This lease announcement follows Newmark’s exceptionally strong fourth quarter, marked by $888 million in revenue; a 19% year-over-year increase; and $65.7 million in net income, representing a 24% rise.
Looking ahead, Newmark projects a 40% earnings growth by the end of 2026, driven in part by strategic recruitment efforts. The firm’s recent hiring spree, supported by debt issuance in January 2024, underscores its commitment to talent acquisition. Furthermore, SL Green’s leasing activity in Manhattan during 2025 has already reached 455,008 square feet, in addition to a pipeline of approximately 975,000 square feet currently in progress.
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