JLL & Bobrow arrange lease as building ownership announces planned improvements at Class A tower located in city’s tightest submarket
JLL announced today it has completed a full floor lease on behalf of ownership at 430 Park Ave., the 19-story, Class A office property occupying an entire city block between East 55th and East 56th Streets in Midtown Manhattan.
ZCG, a leading, privately held merchant bank in the midst of a strategic global expansion, leased the entire 16,849-square-foot 16th floor of the property. The company will relocate from 1330 Avenue of the Americas, where it occupied 10,000 square feet, in the second quarter of 2025 after its turnkey space has been fully built out by ownership.
“Our new office at 430 Park Avenue reflects ZCG’s commitment to New York as a key hub for our global operations,” said James Zenni, Founder, President, and Chief Executive Officer of ZCG. “As we continue to expand our team and presence worldwide, this location will support our ongoing growth and our ability to deliver excellence for our partners and investors.”
430 Park Ave. was repositioned in 2002 as a Class A office property by current ownership – a joint venture of Oestreicher Properties, Midwood Investment & Management, and Marx Realty – and today serves as home to a high-profile roster of leading corporate and financial tenants, including SK Capital Partners, H.C. Wainwright and Withers.
Ownership recently retained leading architectural firms MdeAS Architects and Vocon to design new base building improvements that will include a new lobby and entrance on Park Avenue, the city’s premier office corridor where net effective rents have continued to climb post-pandemic and vacancy remains significantly lower compared to Midtown overall.
Deborah Tsabari, President of Oestreicher Properties, commented, “We are extremely pleased to welcome another leading corporate tenant to 430 Park and to announce our plans to reinvigorate the building as part of our ongoing commitment to maintaining its prestigious status within the city’s most prominent office corridor.”
According to JLL Research, Park Avenue’s direct asking rents have risen from $115 psf in 2018 to $122 psf in the first half of 2024. Direct and sublease vacancy combined total 8.8% compared to the city’s overall 17% vacancy.
JLL Executive Managing Director Clark Finney commented, “Vacancy on Park Avenue has been falling as the flight to quality continues among tenants seeking proximity to regional transit. With its institutional, hands-on ownership, 430 Park Ave. is well positioned to meet persistent demand for Class A office space in this prime Manhattan location.”
Finney along with JLL Vice Chairman Frank Doyle, Managing Director Randy Abend and Senior Vice President Robin Olinyk represented ownership in the lease with ZCG. The tenant was represented by Josh Berger and Sam Matayev of Norman Bobrow & Company Inc.
“We are proud to have spearheaded this off-market transaction on behalf of ZCG,” said Berger, Vice President at Bobrow & Co. “430 Park Avenue will be a tremendous new home for the firm as it continues its trajectory of growth and success.”
430 Park Ave. is situated steps from the 59th Street subway station servicing the 4, 5, 6 and N, R, W lines and near the 53rd Street station E and M lines. It is a six-minute walk from Grand Central and surrounded by landmarks including the Rockefeller Center and Central Park. The neighborhood offers a plethora of social and recreational offerings that support experiential work life balance, including restaurants, shops, hotels, open space and cultural institutions.
JLL is a leader in the New York tri-state commercial real estate market, with more than 2,600 of the most recognized industry experts offering brokerage, capital markets, property/facilities management, consulting, and project and development services.
About ZCG
ZCG is a leading, privately held merchant bank comprised of three dynamic, cross-disciplinary platforms: private markets asset management, business consulting services, and technology development and solutions. ZCG’s investors are some of the largest and most sophisticated global institutional investors including pension funds, endowments, foundations, sovereign wealth funds, central banks, and insurance companies. For almost 30 years, ZCG Principals have invested tens of billions of dollars of capital. ZCG has a global team comprised of approximately 400 professionals. The company is headquartered in New York, with affiliate offices located in Pune and Mumbai, India, and Riyadh, KSA. For more information on ZCG, please visit www.zcg.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
